Ron Tutor, co-owner of Miramax, told analysts on Friday he hoped to sell "film interests" in the next 10 days
Ron Tutor, co-owner of Miramax, will try to unload his “movie interests” in the coming weeks, he told analysts Friday on an earnings call for his construction company Tutor Perini.
An analyst asked Tutor, a billionaire thanks to his construction business, about his recent sales of Tutor Perini stock. In response, he mentioned divesting some of his film holdings.
"God willing, I am probably a week to 10 days away from executing and selling my movie interests,” Tutor said. “If for any reason that — awful as it might sound — doesn't go through — I probably have another stock sale in June or July."
He did not go into further detail about which of his assets he would look to sell, and did not respond to TheWrap's request for comment. Miramax declined requests for comment.
An individual with knowledge of the situation said Tutor was looking to shed his non-Miramax film assets, which include the Intermedia Film Library and various assets tied up in bankruptcy. Tutor has been selling off large amounts of stock in Tutor Perini and settled a series of lawsuits for tens of millions of dollars.
Tutor led a group of investors in purchasing Miramax for $663 million in 2010. His fellow investors include private equity firm Colony Capital and Qatar Holding LLC.
Miramax has made a series of distribution deals and licensed films from its library, such as "Pulp Fiction" and "The English Patient," to Netflix, Hulu, Europe's Love Films and Net Movies. It also sealed a variety of deals for DVD and Blu-Ray distribution.
One thing it hasn't done is develop or produce any films.
Miramax CEO Mike Lang resigned in March, and there was some speculation that the company's focus on its library — and its purported lack of interest in making new movies — spurred his departure.
Also read: Mike Lang Resigns as CEO of Miramax
In an exclusive interview with TheWrap in December, Richard Nanula, a principal at Colony Capital, insisted the library was the key to the company's business. Nanula did not immediately respond to a request for comment on Friday.
“We’re not smarter than the average studio, we’re just less complicated,” Nanula told TheWrap in December. “Miramax is doing well because the whole team is focused. We’re trying to do one thing, exploit our library. Miramax has an incredible library that was substantially unexploited."
The company had just locked up $500 million in funding to pay back investors, which portended a more rosy future.