A shroud of silence descended Friday on The Walt Disney Company as Harvey and Bob Weinstein tried to close the deal to buy back the studio they founded three decades earlier.
As the bidding for the premium Miramax library continued to ratchet up all week, Harvey and Bob Weinstein - fearful the deal might slip away to a higher bidder - requested a window of exclusivity to try and meet Disney's demands.
On late Thursday, one insider said the window was in place, while another insider said they were not sure if Disney had granted it.
For its part, Disney would only deny that Miramax had been sold. The Weinstein Company had no comment at all.
Other bidders were being told that no deal had been closed.
Indeed, no deal was expected to be announced before next week, according to one knowledgeable individual. So it appeared that the Weinsteins had indeed won a sliver of time to sweeten their $600 million bid, and remove some of what were described as complicating conditions on their offer.
Were they to finally win back the studio, it would be a dramatic and emotional turn for two brothers who have played big stakes and often come close to the brink of ruin, only to walk away with victory - and, often, Oscar statues.
Updated Thursday at 9:30 p.m.:
No deal for the sale of Miramax is expected on Thursday, or Friday, according to an individual close to the negotiations.
The individual said that the situation was changing rapidly with constant maneuvering by the various bidders, but that no decision would be made before next week.
Updated at 8:30 p.m.:
Disney denies that any deal has been concluded for the Weinstein Company to buy Miramax.
"There is no deal," Disney spokesperson Zenia Mucha told TheWrap. "Reports to the contrary are false."
Previously:
Exclusive:
TheWrap has learned that the Weinstein Company has negotiated a window of exclusivity with the Walt Disney Company to try to finalize a deal to buy Miramax.
The window is non-binding but gives Miramax founders Harvey and Bob Weinstein an opportunity to come to terms with Disney, and win back the studio that carries the name of their parents, Miriam and Max.
The time frame was believed to be two days, long enough to allow the Weinsteins to try to raise their bid higher, or improve the conditions of the sale. The Weinsteins' bid is more complicated than those of the other two bidders, Alec and Tom Gores, and private-equity investors led by David Bergstein, and the brothers were trying to gain time in order to improve their offer.
Another insider said that the Weinsteins had sought the negotiating window, but Disney by Thursday night had yet granted it. Disney declined to comment on the matter.
The agreement comes as bids for the arthouse studio have begun to rise feverishly as the auction draws to a close.
Earlier on Thursday, the Hollywood Reporter reported that the Weinsteins have won the bidding war over Miramax.
