Disney, Miramax Chiefs End Meeting with Handshake
Thu Jul 8, 2004 08:43 PM ET
By Duncan Martell
SUN VALLEY, Idaho (Reuters) - Hours after predicting a happy ending to his dispute with Walt Disney Co. , Miramax studio head Harvey Weinstein held a meeting with Disney Chief Michael Eisner that ended with a handshake.
Weinstein and Eisner have clashed over the direction of Miramax, the art house studio founded by Weinstein and his brother Bob and sold to Disney in 1993, as well as pay packages for the brothers during contract renegotiations.
The disagreement has been very public. But the talks on Thursday were even more so -- Weinstein joined Eisner for an hour-long chat in view of journalists and rival media executives at the exclusive Allen & Co. retreat, held annually in Sun Valley, Idaho.
Both men declined to comment afterward, but they ended the conversation with a handshake. William Morris agency President and Co-Chief Executive Jim Wiatt, who sat with the two, told reporters "nothing earth-shattering" was discussed.
Industry watchers have speculated that the Weinsteins, or just Harvey, could leave the company or buy part of it back from the entertainment conglomerate. But Harvey Weinstein early on Thursday said he expected a friendly end to the matter.
"These rumors are overstated. I think the press is just having fun with us. I think this will all be resolved amicably," he told CNBC television in Sun Valley.
Miramax began as a foreign and independent film distributor that grew into a studio. Disney executives have said they want the unit to refocus on smaller fare rather than big movies like "Cold Mountain" and "Gangs of New York" that it recently produced.
Miramax also backed Michael Moore's production of the documentary "Fahrenheit 9/11," which mocks President George Bush's Iraq policy, to Eisner's ire.
Disney next year has the right to extend the brothers' contracts until 2009. A fight over terms for the renewal have spilled into public, particularly as the two sides debate the profitability of the unit.
Disney says that Miramax calculations showing strong earnings fail to take into account costs such as the Weinsteins' bonuses.
Thu Jul 8, 2004 08:43 PM ET
By Duncan Martell
SUN VALLEY, Idaho (Reuters) - Hours after predicting a happy ending to his dispute with Walt Disney Co. , Miramax studio head Harvey Weinstein held a meeting with Disney Chief Michael Eisner that ended with a handshake.
Weinstein and Eisner have clashed over the direction of Miramax, the art house studio founded by Weinstein and his brother Bob and sold to Disney in 1993, as well as pay packages for the brothers during contract renegotiations.
The disagreement has been very public. But the talks on Thursday were even more so -- Weinstein joined Eisner for an hour-long chat in view of journalists and rival media executives at the exclusive Allen & Co. retreat, held annually in Sun Valley, Idaho.
Both men declined to comment afterward, but they ended the conversation with a handshake. William Morris agency President and Co-Chief Executive Jim Wiatt, who sat with the two, told reporters "nothing earth-shattering" was discussed.
Industry watchers have speculated that the Weinsteins, or just Harvey, could leave the company or buy part of it back from the entertainment conglomerate. But Harvey Weinstein early on Thursday said he expected a friendly end to the matter.
"These rumors are overstated. I think the press is just having fun with us. I think this will all be resolved amicably," he told CNBC television in Sun Valley.
Miramax began as a foreign and independent film distributor that grew into a studio. Disney executives have said they want the unit to refocus on smaller fare rather than big movies like "Cold Mountain" and "Gangs of New York" that it recently produced.
Miramax also backed Michael Moore's production of the documentary "Fahrenheit 9/11," which mocks President George Bush's Iraq policy, to Eisner's ire.
Disney next year has the right to extend the brothers' contracts until 2009. A fight over terms for the renewal have spilled into public, particularly as the two sides debate the profitability of the unit.
Disney says that Miramax calculations showing strong earnings fail to take into account costs such as the Weinsteins' bonuses.