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Miramax Update: Deadline Extended, Deal by Monday?

Lawyers continue to work through the weekend to get it done before the new window closes

We hate to keep the suspense dragging, but it’s the lawyers’ fault – really.

As expected, The Walt Disney extended by five days the exclusive negotiating window it had granted to The Weinstein Company, Ron Burkle and their partners to close the deal to buy Miramax .

According to a knowledgeable individual, the hold-up is purely about working through the legal complications of the deal, poring through every document, every film project, and the due diligence on a deal this large.

As WaxWord has already reported, they have set the price at $625 million cash, but there are many, many details to complete.

Meanwhile, Philly.com is reporting that Burkle is also busy bidding on the Philadelphia Inquirier and Daily News. (Burkle among those bidding for Philly newspapers). He apparently got involved at the request of Governor Ed Rendell and Philadelphia Newspapers CEO Brian Tierney.

Back in Hollywood, the new Miramax  window was for five days, and thus expires on Monday. My understanding is there will be no deal before that time.

But you might expect it first thing Monday.

Stay tuned.

Earlier: Late Nights at Disney Over Miramax: At $625M, Deal Close to Done