Miramax
Harvey and Bob Weinstein opened their first office in Buffalo, New York, during 1979. They named the company Miramax by combining the names of their parents, Miriam and Max. Executive Corky Burger joined them as a partner to help launch operations. The brothers sought to distribute films that major studios considered too risky for commercial release. Their first major success arrived in the summer of 1982 with an American version of The Secret Policeman's Other Ball. This concert film was distilled from two separate benefit shows produced by Martin Lewis for Amnesty International. The Weinsteins worked closely with Lewis to adapt the material for American audiences. This early project established a pattern of acquiring international films and reshaping them for U.S. markets. In its initial years, the company focused heavily on music licensing agreements. They partnered with Thorn EMI Video to release several early titles through this arrangement.
The late 1980s brought breakthrough releases like Pulp Fiction and Sex Lies and Videotape to Miramax shelves. These films helped establish the studio as a leader within the independent film boom of the 1990s. By 1993, the company had distributed seven films that grossed over $100 million combined. Chicago became their highest-grossing title, earning more than $300 million worldwide. The studio secured numerous Academy Award nominations and won multiple Oscars during this period. Bob Weinstein launched Millimeter Films in 1988 to handle genre movies specifically. Mark Lipsky ran Prestige Films starting in 1990 before Gerry Rich took over the role. Prestige eventually folded back into the main Miramax brand while Millimeter evolved into Dimension Films. Harvey funded large projects from directors like Robert Rodriguez and Quentin Tarantino. The team operated with significant autonomy compared to other Disney subsidiaries after the acquisition. They sometimes attempted to release a new film almost every week to maintain momentum.
The Walt Disney Company purchased Miramax Films on the 30th of June 1993, for $60 million. This deal included assuming all debt exceeding $40 million held by the independent studio. Disney gained entry into the independent film market through this transaction. Harvey and Bob Weinstein continued running operations until the 30th of September 2005. During their tenure they maintained independence from other Disney subsidiaries. Disney retained final approval rights over releases such as Kids Dogma and Fahrenheit 9/11. Buena Vista Home Entertainment distributed output on VHS DVD and Blu-ray Disc under the name Miramax Home Entertainment. Regional licensees of Miramax International handled distribution outside the United States. The company moved beyond simple acquisitions to produce films like Cold Mountain for $80 million. In 1997 they joined Peter Jackson as financial backers for Lord of the Rings. Disney disliked the cost of a two-part production and requested a single film instead. Jackson and Saul Zaentz rejected that request and sought another financier. Miramax sold the rights to New Line Cinema in August 1998 for about $12 million. They retained a 5% stake in the gross profits and gave 2.5% to the Weinsteins.
Disney and the Weinsteins announced on the 30th of March 2005, that they would not renew their contract. Their existing agreements expired at the end of September 2005. The primary dispute involved the distribution of Michael Moore's Fahrenheit 9/11. Buena Vista Motion Pictures Group assumed control of Miramax Films after the split. The studio projected a smaller annual production budget moving forward. The Weinstein brothers started The Weinstein Company and took Dimension Films with them. Daniel Battsek took over production duties having previously led Buena Vista International in the UK. He refocused operations to produce high-quality but low-budget films. Maple Pictures held Canadian distribution rights from 2008 until Alliance Films acquired it on the 10th of August 2011. Critics criticized the company for delaying Asian film releases or withholding U.S. distribution rights. In 2003 they faced backlash for trying to bar retailers from exporting authentic DVDs legally. Disney announced on the 3rd of October 2009, that staff would be reduced by 70%. The number of releases dropped to just three films per year starting January 2010. Daniel Battsek resigned as President effective when the Burbank transition completed on the 28th of January 2010.
Disney closed the sale of Miramax for $663 million to Filmyard Holdings on the 3rd of December 2010. This investment group included Colony NorthStar Tutor-Saliba Corporation and Qatar Investment Authority. Mike Lang served as CEO following the transaction and focused on the existing library. Some developed titles like The Tempest and Gnomeo & Juliet were released by Disney under Touchstone Pictures. Theatrical distribution for Don't Be Afraid of the Dark shifted to FilmDistrict while The Debt went to Focus Features. On the 17th of July 2015, Qatar and Colony NorthStar put Miramax up for sale at a billion-dollar offer. Harvey and Bob Weinstein reportedly sought to reacquire the studio via The Weinstein Company in September. Miramax sold to beIN Media Group on the 2nd of March 2016. beIN Media Group is a spinoff of Al Jazeera Media Network which formerly owned its namesake sports channel. Harvey Weinstein stated in a the 21st of July 2016 interview that he remained interested in combining libraries. Following sexual assault accusations against Harvey in October 2017, Miramax became one of 60 bidders for TWC assets. Lantern Capital ultimately acquired TWC's library after Miramax and Lionsgate emerged as strong contenders. beIN began selling approximately 50% of Miramax on the 7th of June 2019 to offer growth opportunities.
ViacomCBS announced on the 20th of December 2019, that it would acquire a 49% stake in Miramax. The deal valued the stake at least $375 million and granted exclusive worldwide distribution rights. Paramount Pictures gained rights to distribute the film and television library globally. The agreement officially closed on the 3rd of April 2020. Miramax and ViacomCBS announced their first co-production The Turkish Detective on the 24th of June 2020. This series is based on Cetin Ikmen novels by Barbara Nadel. CEO Bill Block left the company following his contract end on the 2nd of October 2023. He started his own production company called BlockFilm later that month. Jonathan Glickman was reported in January 2024 to join Miramax as new CEO. His company Panoramic Media expected acquisition if talks succeeded. Glickman was named CEO effective immediately on the 2nd of April 2024. Miramax acquired certain projects from Panoramic Media as part of this arrangement. The studio now operates under Qatari state-owned beIN Media Group ownership alongside Paramount Pictures.
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Common questions
Who founded Miramax and when did they open their first office?
Harvey and Bob Weinstein opened their first office in Buffalo, New York during 1979. They named the company by combining the names of their parents Miriam and Max.
When did Disney purchase Miramax Films and for how much money?
The Walt Disney Company purchased Miramax Films on the 30th of June 1993 for $60 million. This deal included assuming all debt exceeding $40 million held by the independent studio.
Why did Harvey and Bob Weinstein leave Disney in 2005?
Disney and the Weinsteins announced on the 30th of March 2005 that they would not renew their contract due to a dispute over the distribution of Michael Moore's Fahrenheit 9/11. Their existing agreements expired at the end of September 2005.
What happened to Lord of the Rings rights after Miramax sold them?
Miramax sold the rights to New Line Cinema in August 1998 for about $12 million because Disney disliked the cost of a two-part production. The studio retained a 5% stake in the gross profits and gave 2.5% to the Weinsteins.
Who acquired Miramax in December 2010 and what was the sale price?
Disney closed the sale of Miramax for $663 million to Filmyard Holdings on the 3rd of December 2010. This investment group included Colony NorthStar Tutor-Saliba Corporation and Qatar Investment Authority.