Weinsteins Form New Company
Movie mogul siblings BOB and HARVEY WEINSTEIN are preparing to leave WALT DISNEY's MIRAMAX FILMS and are teaming up with GOLDMAN SACHS and RAINBOW MEDIA for a new film venture.
The brothers, who are responsible for blockbusters including THE LORD OF THE RINGS trilogy and THE OTHERS, are leaving Disney in September (05), and the move will allow them to leave behind their stormy partnership with the studio's boss MICHAEL EISNER.
Investment bank Goldman Sachs is reportedly providing a loan of around $100 million (GBP54 million) to help set up WEINSTEIN COMPANY, and cable programmers Rainbow Media will also provide funding for the movies selected by the brothers.
The Weinsteins intend to raise $1 billion (GBP500 million) as they build up their new company, which will concentrate primarily on film and may later include digital media.
Harvey Weinstein says in a statement: "At Miramax, my brother and I learned the power of film libraries and built an 800 title film library.
"We're going to do that again."23/05/2005 17:49