Michelle Williams filming Toronto

Michelle Williams filming Toronto

The deadline will most likely fall in early October rather between September and year’s end, although Filmyard says it expects to close the deal then.

Some of the banks Filmyard is relying on to provide $250 million to $275 ­million in debt financing are balking at the $650 valuation that was put on Miramax.

Insiders say the figure is high, given that the Weinsteins, who sold Miramax to Disney in 1993, control the sequel rights to 16 Miramax films. This means that even if Filmyard does line up the dough, it could be hamstrung in terms of getting the most bang for its buck. more

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Piranha 3D opens sixth

24 August, 2010

 

 

 

 

Elisabeth Shue

Elisabeth Shue

 

 

 

 

Teaser Video
Opening Weekend: $10,106,872
(#6 rank, 2,470 theaters, $4,092 average)
Around 2,200 of those locations presented the picture in 3D, which accounted for 95 percent of business. That puts the intentionally cheesy gorefest’s opening attendance on par with Splice from earlier this summer

Nearly three weeks after the Walt Disney Co. announced it had reached an agreement to sell Miramax for $660 million to a group led by construction magnate Ron Tutor, the financing for the deal is still not nailed down.

It’s considered unusual to have a deal of this scope without first having the financing in place, and it may be at least another month before there is a resolution, said one executive familiar with the negotiations.

That would mean the designated deadline to close the deal of Sept. 7 would be missed. In that case, Disney may have to extend the deadline or perhaps look for new bidders.

The sticking point on the financing front: the value of Miramax’s 600-plus film library, the executive said. To make that calculation, the Tutor camp has hired Mesa Global, which placed a value of $650 million on Miramax, figuring in its library.

Trying to reach a consensus on the worth of Miramax’s catalog has consistently bogged down the sale of the company since Disney began to entertain offers earlier this year. Given the overall decline in DVD sales, it has become much more difficult to place a value on film libraries.

Piranha3D remake

12 August, 2010

Take This Waltz

Michelle Williams filming Take This Waltz

Yes, this is a remake. But it is a remake of a film that has not only already been remade (in the ’90s for Showtime starring Punky Brewster and the Greatest American Hero), but was, itself, originally just a Jaws knockoff. Better yet, a Jaws knockoff produced by reigning king of camp Roger Corman, written by none other than John Sayles, and directed by Joe Dante. It is a classic to be sure, but a camp classic that nobody minds being remade. In fact, it is exactly the type of film many critics appreciate being remade. It is spectacle. Cheap, wonderful, lizard-brained spectacle. The Weinstein Co. screened a little over 10 minutes of unfinished footage from the forthcoming 3D remake of Roger Corman’s 1978 cult classic. Piranha 3D opens August 20.

Michelle Williams and steadycam

Michelle Williams and steadycam

The Miramax deal is expected to close between Sept. 10 and the end of the year. Rob Lowe put up money to buy Miramax “The acquisition of a classic brand like Miramax is an exciting first step in my partnership with Tom Barrack and Colony Capital,” Filmyard Holdings, to pay more than $660 million — subject to certain adjustments, per Disney — for the rights to 700 library titles, plus the Miramax name, books, development projects and other assets.

Blue Valentine re-edited

5 August, 2010

Michelle Williams

Take this Waltz filming

Harvey Weinstein apparently did a re-edit on “Blue Valentine” after it played at Cannes to tighten it for domestic release. He, meanwhile, is said to be focused again on movies with lower budgets (typically $15 million-$25 million) that will get platform releases that could be expanded. That includes at least four this year that will be given his well-known Oscar push.

The pics seen as worthy of Academy consideration are “The King’s Speech,” starring Colin Firth and Helena Bonham Carter, which goes out limited Nov. 24; Sundance pickup “Blue Valentine,” starring Ryan Gosling and Michelle Williams, which gets a limited release Dec. 31; and recent acquisition “Miral,” from director Julian Schnabel and starring Freida Pinto and Willem Dafoe, opening Dec. 3. The Weinsteins also will push documentary “The Tillman Story,” about the NFL player who went to Afghanistan and was killed by friendly fire.

On Wednesday, TWC firmed up dates for its slate of limited releases. In addition to those mentioned, they are “Nowhere Boy” (Oct. 8), “The Company Men” (Oct. 22, expanding a week later) and two others for this year, “Easy Money” and “Reign of Assassins.”

“Shanghai,” a co-production with a Chinese company, was pulled from the release schedule when money woes hit this year. It will get a domestic release, said the source, though how wide is not clear. It opened last month in China, a requirement under its original contract.

take this waltz

take this waltz


The Weinstein brothers still own much of Miramax Films’ library, which includes such successful films as ‘Chicago’, ‘The Crying Game’, and ‘No Country for Old Men’. No one has yet announced how the library will be dealt with by the new owners. Whether the sale will further strain relations between Miramax Films and the Weinstein brothers, or if it will flow smoothly is a subject many are avidly following.

Disney: “We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library.”

Colony Capital, led by Chairman Tom Barrack, joined Tutor and other investors on July 29 in a $660 million accord to buy Miramax, whose main asset is more than 700 movies that have already been released. No new production is planned. Instead, the new owners intend to seek distribution arrangements for the half of the library that isn’t covered by TV agreements. Many of those agreements expire within three years, giving Tutor and Colony Capital the ability to sign new TV, Internet and other digital agreements,

In May 2000, the Weinstein brothers signed a new seven-year contract extension with Disney, which reportedly boosted the budget level at which they could “greenlight” films, while guaranteeing them a percentage of the profits from Miramax’s film library.