An agreement in principle has been reached for Disney to sell the Miramax Films name and its 611-picture library for about $650 million to a group led by construction executive Ronald Tutor and Colony Capital, a privately held institutional investment firm run by founder and CEO Thomas Barrack Jr. But it is not a done deal.Tutor and Colony together have committed to investing more than $300 million in equity, with additional capital to be raised from minority partners including James Robinson, chairman of Morgan Creek Prods., and Gulf Capital, an investment firm based in Abu Dhabi.That still would leave a significant amount, probably $200 million, to be raised in the form of debt.Tutor brought in Colony only about a week ago, after which the negotiations were led by Colony principal Richard Nanula, a former CFO of Disney. The buyers have entered a period of due diligence, in which they will get a more detailed look at the Miramax books. Closing by a July 28 deadline is contingent on what they find and raising the additional funds.The deal could still fall apart because it remains unclear where that debt portion will come from. There have been reports that banks have resisted… Read full this story
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