The pair, who founded the hugely successful firm 25 years ago, will remain co-chairmen of Miramax and will continue to make films for Disney through their new company THE WEINSTEIN CO.
Miramax's back catalogue of 550 movies, including Chicago, Pulp Fiction, The English Patient and Cold Mountain, will remain with Disney, who acquired Miramax in 1993 for circa $75 million (GBP40 million). The company is now worth around $2 billion (GBP1.05 billion).
The announcement follows years of alleged disquiet between the Weinsteins and Disney chief Michael Eisner, most notably last year (04) when Eisner - who will also be succeeded by Bob Iger in September - refused to release controversial documentary FAHRENHEIT 9/11.
As part of the agreement, The Weinstein Co will produce films by longtime collaborators Quentin Tarantino and Kevin Smith, and the brothers will continue to control DIMENSION films, which makes movies for kids and teenagers.
Harvey Weinstein says leaving the company he and brother Bob named after their parents had been the "toughest part".
He adds, "Maybe the whole chapter hasn't been written on that, maybe it has."30/03/2005 17:47