LPWire: Disney Studios and Weinsteins Reach Mutual Agreement Concerning Employment Contract
The Walt Disney Studios and Bob
and Harvey Weinstein Reach Mutual Agreement Concerning Employment Contract
Miramax Co-Chairmen to Remain at Company Thru September 2005Will Oversee
Upcoming Releases While Preparing for Launch of Their New Company
The Walt Disney Studios and Miramax
co-chairmen Bob and Harvey Weinstein have reached a mutual agreement concluding
the Weinsteins current deal with The Walt Disney Company, it was jointly
announced today by Dick Cook, chairman, The Walt Disney Studios and Bob and
Harvey Weinstein.
The Weinsteins will remain co-chairs of Miramax on a non-exclusive basis through
September 30, 2005. During this period, they will focus their efforts on
completing projects currently in production and will oversee the marketing and
distribution of Miramax and Dimension films scheduled for release. Cook will
announce new management of Miramax Films in July 2005. During a transition
period that will last from July through September, the Weinsteins will work with
the new Miramax leadership, which will report directly to Cook. The Weinsteins
will make no new financial commitments towards the development, acquisition or
production of projects on behalf of Miramax.
Bob and Harvey will own and operate a new company, which is currently being
developed, and they will immediately begin the production, development and
acquisition of new projects for their new venture. Details about the Weinsteins
new company, including its name, financial backers and other specifics, will be
announced during the next several weeks.
The Walt Disney Studios will retain the name "Miramax Films" and the Miramax and
Dimension film libraries, while the Weinsteins will take the Dimension label to
their new company.
The Walt Disney Studios and the Weinsteins, through their new company, will
continue their relationship by potentially collaborating on as many as 25+
projects including, but not limited to, co-productions of sequels to hit film
franchises like "Scary Movie" and "Spy Kids," and by co-financing the production
and distribution of original films including "Breaking and Entering" and "The
Matador."
An announcement about the future plans for Miramax Books will be made later this
week.
"Bob and Harvey are talented creative executives who have brought some of the
finest award winning films to the big screen," said Cook in making the
announcement. "Through this mutually beneficial arrangement, we will continue
our relationship with the Weinsteins and their new company well into the future,
while focusing our efforts on Miramax."
"Disney's film library has benefited tremendously from the groundbreaking and
critically acclaimed films developed under Harvey and Bob," said Robert A. Iger,
president and chief operating officer and CEO-elect, The Walt Disney Company.
"Their creative instincts are undeniable, and they have developed a valuable
asset for this company. We look forward to future collaborations with them
through this newly established relationship."
"Harvey and Bob's unprecedented 12-year association with Disney will go down in
the motion picture annals for its unparalleled contributions to independent
filmmaking and the entrepreneurial creative spirit they fostered within a
corporate environment," said Michael Eisner, CEO, The Walt Disney Company. "The
Weinsteins' passion and enthusiasm for film are infinite and will thrive
wherever their vision takes them."
"We are incredibly grateful for the chances we have been given at Disney over
the past 12 years. As movie fans, we truly appreciate the unique opportunities
we have had to work with some of the greatest talent, both on screen and off, in
sharing such a wide range of independent and foreign films and Miramax and
Dimension productions with audiences around the world," said Bob and Harvey
Weinstein. "We are thankful to Dick Cook for his commitment to making this
agreement possible and we appreciate Bob Iger's contributions too. We know that
there is no bigger fan of our movies than Michael Eisner and think it was pretty
brave of him to give us the ability to make movies like "Hero" and "City of
God." We look forward to working with Bob and Dick and everyone else at Disney
on projects in the future. We've nurtured Miramax over the past 25 years and are
proud of the valuable film library we've built for Disney shareholders."
Since being acquired by The Walt Disney Company in 1993, Miramax Films has
received 220 Academy Award nominations, winning 3 Best Pictures and 53 total
Oscars. The company received 14 Best Picture nominations for "The Aviator"
(2004), "Finding Neverland" (2004), "Chicago" (2002), "Gangs of New York"
(2002), "In the Bedroom" (2001), "Chocolat" (2000), "The Cider House Rules"
(1999), "Shakespeare In Love" (1998), "Life Is Beautiful" ("La Vita E Bella")
(1998), "Good Will Hunting" (1997), "The English Patient" (1996), "Il Postino"
("The Postman") (1995), "Pulp Fiction" (1994), and "The Piano" (1993).
Some of Miramax and Dimension's highest grossing films include "Chicago," "Good
Will Hunting," "Pulp Fiction," "Scary Movie," "Scary Movie 3," "Scream," "Scream
3," "Shakespeare in Love," "Spy Kids," and "Spy Kids 3D Game Over."
--Posted March 29, 2005
Source: Walt Disney Studios, Miramax Films