Jul. 30, 2010 (United Press International) -- Walt Disney Co. (NYSE:DCQ) (NYSE:DIS) said it would part with its independent studio Miramax Films for about $660 million.
The agreement was reached with an investor group led by Ronald Tutor, chairman and chief executive officer of Tutor Perini Corp. (NYSE:TPC) , a California construction firm, and Tom Barrack, CEO at Colony Capital, a private equity group.
The New York Times reported Friday the partnership, called Filmyard Holdings, put $40 million down toward the purchase, which is set up as non-refundable.
The deal is expected to close before the end of the year, provided it meets with regulatory approval.
"We are proud of Miramax's many accomplishments," Disney CEO Robert Iger said.
Disney, however, is set to "focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," he said.
Miramax includes a portfolio of about 700 movies, including academy award winner "Chicago," the Times said.
