March 4, 2003 -- Riding high as the king of Hollywood, Harvey Weinstein is ready to bolt from Walt Disney over a deepening profits dispute with Disney chief Michael Eisner.
Weinstein, who brought in 40 of Disney's 44 Oscar nominations this year, is said to be furious that Eisner has "changed the rules" in calculating profits in their joint ownership of hit factory Miramax Films, a source said.
Anxious to regain control of the studio, Weinstein is said to have made a written offer weeks ago to buy out Disney's Miramax share, but Eisner apparently rejected the offer, declining even to take it to Disney's board.
Miramax contributes as much as $1 billion annually to Disney's coffers, but is questioning new accounting methods that parent Disney is using to determine profits. Disney had no comment on the dispute, which is being thrashed out by lawyers on both sides.
A Miramax spokesman would say only that Weinstein "has enjoyed a profitable, successful decade with Disney and looks forward to sharing in the continued success."
One Hollywood source said Weinstein could readily raise financing to buy back control of Miramax, which he and his brother Robert sold to Disney in 1993 for about $80 million.
Miramax is currently valued at about $3 billion, according to one industry estimate.
Miramax has been profitable every year of the 10-year Disney partnership, including $130 million in 2002 and $139 million in 2001, say industry sources.
What also irks Weinstein, his friends say, is that Disney has been rejecting important projects that Weinstein had brought to the table for Disney's financial clout.
"That [financial support] is the main reason Harvey and Bob originally went to Disney - so they could do more with their properties," said one Hollywood source.
The Post learned that two Weinstein projects shot down by Disney brass were turning 1 Times Square into a movie-entertainment tourist destination with partner Robert DeNiro, and producing what became the hit TV show "The Weakest Link."
"Harvey brought both of those projects to the table, but they were rejected outright," said one source. Disney would have become the anchor tenant at the Times Square site, with Miramax and TriBeCa Films.
Other Weinstein projects that Disney refused to back included the production of what became the runaway Broadway hit "The Producers," and development of the rights to the "Lord of the Rings" book series.
From New York Post
Weinstein, who brought in 40 of Disney's 44 Oscar nominations this year, is said to be furious that Eisner has "changed the rules" in calculating profits in their joint ownership of hit factory Miramax Films, a source said.
Anxious to regain control of the studio, Weinstein is said to have made a written offer weeks ago to buy out Disney's Miramax share, but Eisner apparently rejected the offer, declining even to take it to Disney's board.
Miramax contributes as much as $1 billion annually to Disney's coffers, but is questioning new accounting methods that parent Disney is using to determine profits. Disney had no comment on the dispute, which is being thrashed out by lawyers on both sides.
A Miramax spokesman would say only that Weinstein "has enjoyed a profitable, successful decade with Disney and looks forward to sharing in the continued success."
One Hollywood source said Weinstein could readily raise financing to buy back control of Miramax, which he and his brother Robert sold to Disney in 1993 for about $80 million.
Miramax is currently valued at about $3 billion, according to one industry estimate.
Miramax has been profitable every year of the 10-year Disney partnership, including $130 million in 2002 and $139 million in 2001, say industry sources.
What also irks Weinstein, his friends say, is that Disney has been rejecting important projects that Weinstein had brought to the table for Disney's financial clout.
"That [financial support] is the main reason Harvey and Bob originally went to Disney - so they could do more with their properties," said one Hollywood source.
The Post learned that two Weinstein projects shot down by Disney brass were turning 1 Times Square into a movie-entertainment tourist destination with partner Robert DeNiro, and producing what became the hit TV show "The Weakest Link."
"Harvey brought both of those projects to the table, but they were rejected outright," said one source. Disney would have become the anchor tenant at the Times Square site, with Miramax and TriBeCa Films.
Other Weinstein projects that Disney refused to back included the production of what became the runaway Broadway hit "The Producers," and development of the rights to the "Lord of the Rings" book series.
From New York Post
