Miramax Investor Tutor Says He’s Selling Movie Interests
Construction executive Ronald Tutor, a Hollywood investor who owns part of the Miramax film library, said he’s days away from selling his movie interests.
The interests he’s selling don’t include Tutor’s Miramax stake, according to a person with knowledge of the situation who wasn’t authorized to speak publicly. The sale could be executed within 10 days, Tutor said yesterday on a conference call with analysts who cover his Tutor Perini Corp. (TPC)
“I’m probably a week to 10 days from executing, selling my movie interests,” Tutor said on the call. “If for some reason that, awful as it may sound, doesn’t go through, I’d probably have another stock sale in June or July.”
Tutor’s film investments extend beyond Miramax, according to the Hollywood Reporter, which reported the planned sale yesterday. His ventures include the Intermedia film library, which includes the titles “Timecop,” “The Wedding Planner” and “Basic Instinct 2,” the publication said.
Owen Blicksilver, a spokesman for Tutor, declined to comment.
Tutor is an investor in Filmyard Holding LLC, the entity led by Colony Capital LLC that bought Miramax for $660 million from Walt Disney Co. (DIS) in 2010. Since the acquisition, Miramax signed licensing agreements valued at $325 million and negotiated a $500 million refinancing to reduce borrowing costs, Chairman Richard Nanula said in December.
Miramax, the studio founded by Bob and Harvey Weinstein in 1979, owns a 700-film library that includes “The English Patient” and “Shakespeare in Love.”
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