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Miramax: the story on HearLore | HearLore
Common questions
Who founded Miramax and when was it established?
Harvey and Bob Weinstein along with executive Corky Burger founded Miramax in 1979. The company name is a portmanteau of the founders' parents' names Miriam and Max.
What was the first major success of Miramax and when did it occur?
Miramax achieved its first major success in the summer of 1982 with the film The Secret Policeman's Other Ball. This concert film was edited from footage of two benefit shows for Amnesty International that the Weinsteins acquired U.S. rights to.
When did The Walt Disney Company purchase Miramax and for how much?
The Walt Disney Company purchased Miramax Films on the 30th of June 1993 for $60 million. The deal included the assumption of all company debt which exceeded $40 million at the time.
When did Disney and the Weinstein brothers end their partnership and what happened to the Miramax name?
Disney and the Weinsteins announced they would not renew their contractual relationship on the 30th of March 2005. The Miramax Films name remained with Disney while the Weinstein brothers started The Weinstein Company and took the Dimension Films label with them.
When was Miramax sold to beIN Media Group and what was the sale price?
Miramax was sold to beIN Media Group on the 2nd of March 2016. This transaction occurred after the company was put up for sale for an offer of $1 billion by Qatar and Colony NorthStar on the 17th of July 2015.
When did Paramount Global acquire a stake in Miramax and who became the new CEO in 2024?
Miramax
In 1979, two brothers from Buffalo, New York, named Harvey and Bob Weinstein, along with executive Corky Burger, founded a company that would eventually reshape the global film industry. They named it Miramax, a portmanteau of their parents' names, Miriam and Max. The venture began as a modest distributor of independent films that major studios deemed too risky to touch. Their first major success came not from a feature film, but from a concert film. The Weinsteins partnered with British producer Martin Lewis to acquire U.S. rights to two benefit shows for Amnesty International. They edited the footage into a single film titled The Secret Policeman's Other Ball, which became a hit in the summer of 1982. This early strategy of acquiring international films and reworking them for American audiences became the company's signature modus operandi. In those early years, Miramax focused heavily on music licensing, signing an agreement with Thorn EMI Video to release several of their initial titles. The company was not yet a film powerhouse, but a catalyst for music and culture, laying the groundwork for a future empire.
The Independent Boom
By the late 1980s and early 1990s, Miramax had transformed from a niche distributor into the leading force of the independent film boom. The company released a string of breakthrough films that defined a generation of cinema, including Sex, Lies, and Videotape, Pulp Fiction, and Clerks. These were not just movies; they were cultural phenomena that challenged the status quo of Hollywood. Miramax also produced films like Flirting with Disaster, Heavenly Creatures, and the Oscar-winning Shakespeare in Love. The company became a financial juggernaut, producing or distributing seven films that each grossed over $100 million, with Chicago eventually earning more than $300 million worldwide. Their success extended to the Academy Awards, where they secured numerous nominations and wins, cementing their reputation as a studio that could deliver both critical acclaim and commercial success. To expand their reach, the Weinsteins launched two new labels: Millimeter Films in 1988 for genre films, and Prestige Films in 1990 for arthouse cinema. Millimeter would later evolve into Dimension Films, a label Bob Weinstein founded to specialize in teen, horror, and other genre films, creating franchises like Scream and Scary Movie.
The Disney Acquisition
On the 30th of June 1993, The Walt Disney Company purchased Miramax Films for $60 million, assuming all of the company's debt, which exceeded $40 million. This acquisition gave Disney entry into the independent film market, but it also created a unique dynamic within the corporate giant. Harvey and Bob Weinstein continued to operate Miramax independently of other Disney subsidiaries, enjoying more autonomy than other Disney-owned companies. However, Disney retained the final say on releases, banning films like Kids, Dogma, and Fahrenheit 9/11. The company moved beyond distribution into production, with Harvey funding larger projects from up-and-coming directors like Robert Rodriguez, Gus Van Sant, and Quentin Tarantino. In 1997, Miramax joined Peter Jackson as a primary financial backer for The Lord of the Rings, but Disney's insistence on a single film led to a breakdown. Jackson and Saul Zaentz rejected Disney's request, and Miramax sold the rights to New Line Cinema in August 1998 for about $12 million, allowing the trilogy to be produced. The Weinsteins retained a 5% stake in the films' gross. By 2003, Miramax had become less operative in the independent film market, focusing on high-budget productions like Cold Mountain for $80 million. The company's profitability was questioned by Walt Disney Company president Robert Iger, who claimed they were not properly accounting for overhead and distribution fees.
ViacomCBS announced it would acquire a 49% stake in Miramax on the 20th of December 2019 and the deal closed on the 3rd of April 2020. Jonathan Glickman was officially named Miramax's new CEO on the 2nd of April 2024.
After years of tension, the relationship between Disney and the Weinstein brothers reached a breaking point. On the 30th of March 2005, Disney and the Weinsteins announced they would not renew their contractual relationship when their existing agreements expired at the end of September 2005. The primary source of dispute was the distribution of Michael Moore's Fahrenheit 9/11, which Disney refused to release. The Weinsteins started a new film production company called The Weinstein Company (TWC) and took the Dimension Films label with them. The Miramax Films name remained with Disney, which refocused the studio to produce films of high quality but low budget. Daniel Battsek, who had been head of Buena Vista International in the UK, took over production at Miramax. In October 2009, Disney announced that the staff of Miramax Films was to be reduced by 70%, and the number of releases would be cut to just three films per year. The label's marketing, distribution, and administrative functions were folded into the parent studio in Burbank. The move became effective in January 2010, shutting down Miramax Films' separate New York and Los Angeles offices. Disney Studio Chairman Dick Cook was a staunch supporter of Miramax, but CEO Bob Iger's strategy focused on Disney's branded mass entertainment, relegating Miramax to the status of a distribution label within the Walt Disney Company.
The Sale and Scandal
On the 3rd of December 2010, Disney closed the sale of Miramax for US$663 million to Filmyard Holdings, a joint venture of Colony NorthStar, Tutor-Saliba Corporation, and Qatar Investment Authority. The sale included 700 film titles, books, development projects, and the Miramax name. Mike Lang, the former News Corporation business development executive, was selected as the CEO of Miramax, indicating that the company would focus on their existing library while continuing to make original content. Some films already developed at Miramax, including The Tempest and Gnomeo & Juliet, were eventually released by Disney under its Touchstone Pictures banner. On the 17th of July 2015, Qatar and Colony NorthStar put Miramax up for sale for an offer of $1 billion. Harvey and Bob Weinstein had reportedly regained interest in reacquiring the studio via TWC in September. On the 2nd of March 2016, Miramax was sold to beIN Media Group, a spinoff of Al Jazeera Media Network. After Harvey Weinstein was accused of sexual assault in October 2017, Miramax became one of 60 parties bidding on TWC on the 16th of January 2018. On April 27, Miramax and Lantern Capital emerged as the strongest contenders to acquire TWC's assets. Ultimately, it was Lantern that acquired TWC's library, leaving Miramax to navigate a new era without its founders.
The Paramount Partnership
On the 7th of June 2019, beIN began the process of selling approximately 50% of Miramax in an effort to offer it for growth. Lionsgate, Spyglass Media Group, and Viacom (Paramount's parent company) were seen as the leading contenders to acquire a stake in the company. By the 19th of August 2019, Lionsgate and Viacom were the only contenders, as Spyglass Media Group dropped out of contention. On the 11th of September 2019, it was announced Lionsgate had dropped their bid, making Viacom the only bidder for the stake in Miramax. On the 8th of November 2019, Viacom exited the negotiations to acquire them. After merging with CBS Corporation to become ViacomCBS, the combined firm resumed talks with Miramax. On the 20th of December 2019, ViacomCBS (later named Paramount Global) announced it would acquire a 49% stake in Miramax for at least $375 million, with Paramount Pictures gaining exclusive worldwide distribution rights to its film and television library. The deal officially closed on the 3rd of April 2020. On the 24th of June 2020, Miramax and ViacomCBS announced their first co-production, The Turkish Detective, a television series based on the Cetin Ikmen novels by Barbara Nadel. On the 2nd of October 2023, it was announced that CEO Bill Block would be leaving the company that week following the end of his contract with them, starting his own production company, BlockFilm, later that month. In January 2024, Jonathan Glickman was reported to be in talks to join Miramax as CEO, with his company Panoramic Media expected to be acquired by Miramax if talks were successful. On the 2nd of April 2024, Glickman was officially named Miramax's new CEO effective immediately. As part of the deal, Miramax also acquired certain film and television projects from Glickman's company Panoramic Media.
The Legacy of Labels
Miramax's influence extended beyond feature films into various divisions that shaped the entertainment landscape. Miramax Family Films was the family division of Miramax Films, founded on the 2nd of September 1993. After the Weinstein brothers left Miramax on the 30th of September 2005, the label was quietly discontinued in June 2006. After The Weinstein Company was completely shut down along with its website on the 16th of July 2018, Miramax revived its family and animation divisions, with both being founded as separate divisions within the company on the 18th of March 2019. Michael Lachance, who had previously developed projects at DreamWorks Animation and Sony Pictures Animation, was named the division's executive vice president. Miramax Television, the television production division founded in 1987, was assigned to producing television shows based on the existing Miramax film library and original concepts. Although Miramax produced its series as early as 1987, the company expanded its foray into game shows with an attempted version of What's My Line? in 1996, followed by a proper television division in 1998. In 2001, Mort Marcus became chairman of the company, only to leave in 2002 to reestablish Debmar Studios. The division produced a wide array of shows, from The World of David the Gnome to Project Greenlight, and from Clerks: The Animated Series to The Gentlemen, showcasing the company's versatility and reach across different genres and platforms.