The Walt Disney Company has been quietly shopping what remains of its Miramax film unit and has secured seven to 10 interested bidders, a mergers and acquisitions expert with knowledge of the process told the New York Times.
The initial discussions indicate a price of over $700 million for the Miramax name and its 700-film library, which is essentially all that remains of the once-mighty art house label, according to the person involved who declined to be identified because the negotiations are confidential. The interest is sharply higher than a year ago, when Disney briefly floated a Miramax sale but reconsidered because of the recession.
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