Tutor Hits Back: Miramax Deal ‘on Track’

Philanthropist Jerome Swartz is still a minority investor in the studio

Ron Tutor and Filmyard Holdings, the group of investors the construction magnate assembled to purchase Miramax, are fighting back at reports that they are shedding key members of their team as the deal for the studio enters its final stage.

While Morgan Creek head James Robinson is out, one other prominent member of the group remains. Contrary to reports, philanthropist Jerome Swartz is still a member of the Ron Tutor-led group of Miramax investors, TheWrap has confirmed. Swartz will be a minority investor in the purchase.

In a statement released Thursday, Filmyard Holdings took a swipe at media reports that had indicated that Robinson’s decision to part ways with the investment group had put the purchase for the 700-film library in jeopardy. It had been believed that Robinson was willing to contribute up to $100 million of Miramax’s $660 million price, although his role in the deal was never solidified.

“All of the equity required to complete the purchase of Miramax from Disney has been fully committed by Ron Tutor, Colony Capital and Tom Barrack,” the statement reads. “Recent published reports suggesting otherwise are incorrect. All aspects of the transaction are on track, and we anticipate a closing as planned prior to year end."

Further, the $300 million in debt financing needed to complete the purchase is in place, an individual told TheWrap. Comerica will be the prime lender. Bank of America and Union Bank have joined on as a co-lead lenders. The individual also told TheWrap that syndication of the deal has started.

The Miramax deal is supposed to be wrapped up by December.