Disney sells its film studio Miramax

Los Angeles, Jul 30: Walt Disney had announced on Friday, Jul 30 that it had sold its film studio Miramax for about $660 million to an investor group.

"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," said Disney Chief Executive Robert Iger.

While Miramax has continued to pump out critically acclaimed films such as "Doubt" it has lacked big commercial hits like its earlier "Pulp Fiction" and "Chicago."

The sale underscores Disney's plans to focus its film resources on bigger, franchise film properties such as "Pirates of the Caribbean" and then exploit them across various platform.

The sale underscores Disney's plans to focus its film resources on bigger, franchise film properties such as "Pirates of the Caribbean" and then exploit them across various platform.

At the same time, Disney also had bought social gaming developer Playdom in a deal worth up to $763 million.

OneIndia News