Disney sells Miramax to investor for $660 million

The Walt Disney Co. says it will sell Miramax Films to an investor group for about $660 million, ending a 17-year association with the studio and a six-month bidding process.

The New York Times and Los Angeles times report that Disney signed the agreement late Thursday with Filmyard Holding. The investor group is led by construction magnate Ronald Tutor.

Tutor and his partners put down a nonrefundable deposit of $40 million to Disney on Thursday.

Disney had been looking to sell Miramax amid a studio overhaul because it no longer resonated with its other family centric studio units such as Pixar and Marvel.

Miramax's Oscar-laden film library is full of prestigious films such as "My Left Foot" (1989), "Pulp Fiction" (1994) and "Good Will Hunting" (1997).

Copyright 2010 The Associated Press. All rights reserved.

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