Michelle Williams on February cover

Michelle Williams on February cover

Twenty Weinstein library titles including Scary Movie 4 and Death Proof are available for rent on YouTube at $2.99 per film. But judging from the view tallies posted on YouTube for the films, few have noticed them: All together they’ve collected a whopping 649 views as of Jan. 12, which at $3 a pop, gives Google and Weinstein about $1,947 to split between them.
All the movies in the deal were released from 2004-2007, the awkward interregnum between Harvey Weinstein’s fall from Miramax, where he dominated the awards circuit with titles like Shakespeare In Love, to his inevitable comeback in 2008, when Vicky Cristina Barcelona began a new hot streak for the mogul. In mid-November of 2010 at the earliest, but probably weeks later than that, Weinstein films like Bobby and Hannibal Rising began getting promotion on the YouTube Store page.

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Michelle Williams 2011 Critics Circle

Michelle Williams 2011 Critics Circle

Miramax today announced the first appointments to its new Management team. Steve Schoch has been named Executive Vice President, Chief Financial Officer, responsible for finance and accounting, business development, operations and IT. Mr. Schoch, 52, has more than 25 years of corporate finance experience, with companies in a broad group of industries including entertainment, biotech and the Internet. Prior to joining Miramax, he served as Vice President Global Commercial Operations Financial Planning & Analysis at Amgen. Before joining Amgen in 2001, he was Executive Vice President and Chief Financial Officer at eToys, in particular spearheading their IPO. Earlier in his career, he held various financial leadership positions with the Walt Disney Company and Times Mirror Company. Schoch received his Bachelor’s degree from Tufts University, and his MBA from the Tuck School of Business Administration at Dartmouth College.

The Weinstein Company has planned another theater expansion for January 14 as Blue Valentine was up 264 percent to $704,339, which translated to a solid $17,608 per-theater average and a 16th place finish on the overall weekend chart. So far, the drama is outperforming past Ryan Gosling limited releases Half Nelson and Lars and the Real Girl, and has already topped the final tally of Michelle Williams’ Wendy and Lucy. In 12 days in theaters, Blue Valentine has earned $1.15 million.

Michelle Williams at Angelika

Michelle Williams at Angelika

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.

Michelle Williams

Michelle Williams on Daily Show

Michelle Williams

Michelle Williams on Charley Rose

SANTA MONICA and LOS ANGELES (December 16, 2010) –Miramax and The Weinstein Company (TWC) today announced an agreement to create sequels to some of Miramax’s best- known properties and to partner on potential new television shows and special edition home entertainment products. Mike Lang, CEO of Miramax, stated: “We are thrilled and honored to work with Harvey and Bob Weinstein.

 

Michelle Williams

Michelle Williams

 

Disney originally wanted a price close to $700 million, while most earlier investors valued the library at no more than $550 million – continuing disagreements about the valuation of Miramax’s 611-title film library.   The $660 million price will be reduced by about $50 million in cash on hand and existing sales contracts to license movies from the library worth more than $100 million. That would mean the investors have to come up with $250 million-$300 million in equity, with the remaining portion funded by bank debt.   Acquisition of Miramax Films from Disney by Filmyard Holdings — led by investors Ronald Tutor and Tom Barrack of Colony Capital — remains on track to close by year’s end. However.   In addition to Tutor and Barrack, the Miramax deal’s other investors include New York philanthropist Jerome Schwartz and Rob Lowe (through an investment venture the actor created with Barrack).

Michelle Williams Venice Film Festival '10

Michelle Williams Venice Film Festival '10

James Robinson, founder of Morgan Creek, and philanthropist Jerome Swartz have backed out of the deal. Tutor’s group, called Filmyard Holdings, bought Miramax for $660 million, significantly higher than the $565 million offered by Burkle and the Weinsteins, and way higher than what the other earlier bidders had said the place was worth. Valuation has been messy because it centers on figuring out how much the film library is worth. Studio film libraries are notoriously difficult to value, but Barrack and Tutor are serious money guys, and it’s hardly surprising that they were able to scrounge up the necessary bank financing. Comerica is taking the lead, with Bank of American and Union Bank also participating.
Comerica (NYSE:CMA) happens to be one of the major creditors in the bankruptcy involving companies controlled by Hollywood producer David Bergstein, the guy who partnered with Tutor in the Miramax purchase.(Bergstein denies that he owes anything to Comerica. Tutor now says that Bergstein will have no role in the Miramax operations. The deal is supposed to close by the end of the year.
The studio was created by the Weinstein brothers and named for their parents. If the floor falls out from under the Tutor purchase, it’s unclear whether the Weinstein’s bid of $565 million will be considered viable again.

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