Walt Disney Shuns Weinsteins; Resumes Talks With Gores (DIS)

Walt Disney Co. (NYSE: DIS) has ended its talks with Harvey and Bob Weinstein to buy back Miramax Films. The Weinstein brothers were backed by investor Ron Burkle. The Wall Street Journal has stated that the complex structure of the acquisition was the primary reason behind the collapse of the talks. The Weinsteins had founded Miramax in 1979. They sold the studio to Disney (DIS) in 1993.

Reportedly, Walt Disney has resumed negotiations with another set of bidders, billionaire brothers Tom and Alec Gores. The Journal has stated that the Gores are also pursuing another independent film studio, Overture Films. The studio is currently owned by Liberty Media Corp., which is a subsidiary of Starz Media