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Disney’s Miramax Sale to Close as Planned, Buyer Says

Sept. 2 (Bloomberg) -- Walt Disney Co.’s $660 million sale of Miramax Films to an investor group led by Ron Tutor and Colony Capital LLC will close by the end of the year as planned, the buyers said.

The equity needed for the acquisition has been committed by Tutor, Colony and its chairman, Tom Barrack, the partners’ investment group, Santa Monica, California-based Filmyard Holdings LLC, said today in a statement.

The statement followed a Los Angeles Times report that investor James Robinson, a founder of Morgan Creek Productions, had dropped out of the project. Disney is selling Miramax to focus on films by its Disney, Pixar and Marvel brands. Miramax holds rights to more than 700 titles, including Academy Award winners “Chicago” and “Good Will Hunting.”

Comerica Inc. is the lead bank on the debt financing, according to a person with knowledge of the deal. Bank of America Corp. and Union Bank are also participating, said the person, who spoke on condition of anonymity because the negotiations aren’t public.

Disney, the world’s largest media company, gained 40 cents to $33.91 at 4 p.m. in New York Stock Exchange composite trading. Shares of the Burbank, California-based company have gained 5.1 percent this year.

To contact the reporter on this story: Michael White in Los Angeles at mwhite8@bloomberg.net.

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

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