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

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.

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.