Dec. 16 (Bloomberg) -- Weinstein Co. reached a multiyear production and distribution agreement with Miramax, reuniting brothers Bob and Harvey Weinstein with the film company they founded in 1979.
The agreement will allow the Weinsteins to make new films, television shows and stage productions derived from works in the Miramax library, including Oscar winner “Shakespeare in Love,” as well as new titles, New York-based Weinstein said today in an e-mailed statement.
Miramax, named after the Weinsteins’ parents Miriam and Max, has a library of more than 700 films that have collectively won 68 Academy Awards. Hollywood is taking advantage of increasing demand for movies and TV shows from theaters overseas, cable networks and new distribution platforms such as Netflix Inc.’s streaming video service.
“You don’t know who the winner of this race is, but they all need somebody brilliant to tell a story and who can take all of the threads and weave them into a tapestry, that takes the genius of somebody like Harvey and Bob,” Miramax Chairman Thomas Barrack said today on CNBC.
The Weinstein brothers sold Miramax to Walt Disney Co. in 1993 and left 12 years later to start Weinstein. Disney then sold the business to Barrack’s Colony Capital and partners for $663 million in 2010. Richard Nanula resigned from the position of chairman of Miramax earlier this year and was replaced by Barrack.
Pictures produced under the new agreement will be distributed in the U.S. by Weinstein and sold internationally by Miramax. The relationship could include sequels of Miramax hits such as “Swingers” and “Shakespeare in Love,” the companies said. The partners are also developing TV shows based on Miramax titles “Good Will Hunting” and “Flirting With Disaster.”
“Over the years Bob and Harvey have never let me talk although I would have done better than them,” Miriam Weinstein said in the statement. “This is truly lucky for all of us and hopefully lucky for filmgoers all over the world.”
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