LOS ANGELES - An agreement to end the 12-year partnership between independent
film producers Bob and Harvey Weinstein and the Walt Disney Co. could
come as early as this week, sources familiar with the talks said Monday.
Meetings are scheduled to discuss the final terms of a deal that would
see Disney keep the Miramax name and library of more than 800 films
and allow the Weinsteins to put together financing for a new production
company.
Under the terms being discussed, Disney would make substantial payments
to the Weinsteins for bonuses they are entitled to under the terms of
their contract, plus compensation for interests the brothers have in
current film projects, one source confirmed on the condition of anonymity.
Details of the talks have been reported over the past several weeks
by sources familiar with negotiations who have requested anonymity.
Spokesmen at Miramax and Disney declined to comment Monday.
Disney has discussed in the past its desire to return Miramax to its
specialty-film roots, producing or acquiring inexpensive movies with
large upside potential. Although Miramax has given Disney past profits,
a library worth billions and a lot of Oscar glory, Disney has complained
about the costly ambitions of the Weinsteins.
The two sides have squabbled about the studio's profitability, with
Miramax saying the studio regularly returns profits to its parents,
despite gambles on large-budget films like 2002's Gangs of New York.
Disney says Miramax has lost money in three of the past five years.
