Jim Wiatt brokered Miramax Weinstein Deal
17 December, 2010
As the Miramax sale closed this fall, the Weinsteins were put in touch with Miramax’s new chief executive Mike Lang by Jim Wiatt, the former chief executive of talent agency William Morris who knows all three men.Miramax, which is newly owned by private equity company Colony Capital, investor Ron Tutor, and the Qatar sovereign wealth fund, will have the right to co-finance the movies and own a 50% stake in the new movies produced by Weinstein Co., a person familiar with the agreement said. If Miramax declines to provide the funding, the company will receive 5% of the movies’ gross revenue.
The deal terms are similar to ones Weinstein Co. made with Disney for sequel rights to 16 movies from the Miramax library including “Scream” and “Spy Kids” as part of their settlement in 2005. Weinstein Co. will release “Scream 4” and “Spy Kids 4” next year.