Disney to sell Miramax for $660 million

Disney is selling Miramax Films for about $660 million to the Filmyard Holdings consortium in a deal that includes rights to dozens of award-winning movie titles.

Walt Disney Company announced the sale yesterday, saying it expected the deal to close before the end of the year, subject to regulatory approval.

The sale hands a group of investors, including Colony Capital fund, the rights to over 700 film titles, including Chicago, Shakespeare in Love, and No Country for Old Men.

The deal also includes non-movie assets, including books and project still in development, Disney said.

"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 Robert Iger, Disney's president and CEO.