http://money.cnn.com/2005/03/29/news/fortune500/disney.reut/index.htm?cnn=yes
Disney, Weinsteins to end contract
Weinsteins will remain Miramax co-chairmen through Sep. 30, plan to start new production company.
March 29, 2005: 7:09 PM EST
LOS ANGELES (Reuters) - The Walt Disney Co. said Tuesday it reached an agreement for the co-chairmen of its Miramax Films unit, Bob Weinstein and Harvey Weinstein, to leave the company.
The Weinsteins who founded Miramax and sold it to Disney will keep making movies on their own with some famous film makers like Quentin Tarantino, but they will give up the Miramax label based on their parents' names, Miriam and Max.
Disney and the brothers did not disclose financial terms of the deal and said that negotiations had ended amicably and they would cooperate on some films.
The Weinsteins will remain co-chairmen of Miramax, which has produced Oscar winning hits like "Chicago", through Sept. 30, when their current contract ends.
They plan to form a new film production company and collaborate with Disney on as many as 25 films, potentially including sequels to hits like the "Scary Movie" and "Spy Kids" films, Disney said.
Disney (Research) shares ended the day down nearly 1 percent on the New York Stock Exchange.
Disney, Weinsteins to end contract
Weinsteins will remain Miramax co-chairmen through Sep. 30, plan to start new production company.
March 29, 2005: 7:09 PM EST
LOS ANGELES (Reuters) - The Walt Disney Co. said Tuesday it reached an agreement for the co-chairmen of its Miramax Films unit, Bob Weinstein and Harvey Weinstein, to leave the company.
The Weinsteins who founded Miramax and sold it to Disney will keep making movies on their own with some famous film makers like Quentin Tarantino, but they will give up the Miramax label based on their parents' names, Miriam and Max.
Disney and the brothers did not disclose financial terms of the deal and said that negotiations had ended amicably and they would cooperate on some films.
The Weinsteins will remain co-chairmen of Miramax, which has produced Oscar winning hits like "Chicago", through Sept. 30, when their current contract ends.
They plan to form a new film production company and collaborate with Disney on as many as 25 films, potentially including sequels to hits like the "Scary Movie" and "Spy Kids" films, Disney said.
Disney (Research) shares ended the day down nearly 1 percent on the New York Stock Exchange.
