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Deadline Day Dud
What was looming as a big deadline day in Hollywood is rapidly fizzling.
First, the Walt Disney Co. extended the deadline for bids on Miramax until March 31. According to the Wrap, the bidding is coming down to two companies—Platinum Equity and the Weinstein Co. The Weinsteins, of course, founded Miramax, sold it to Disney in 1993 for $70 million, and left the company in a cloud of controversy in 2005.
Another rumored suitor is Mesa Global, a firm co-founded by former CAA exec Mark Patricof.
Lions Gate and Qualia Capital have been connected to Miramax, but both have reportedly bowed out due to the hefty price tag Disney is asking—around $700 million. The former has a lot on its proverbial plate at the moment as it battles a hostile takeover bid mounted by Carl Icahn.
Over at MGM, the only big-name studio that seems to be popping up in conjunction with a bid is Time Warner, which is reportedly looking at bidding between $1.2 and $1.5 billion.
Liberty Media, Summit Entertainment, and hedge fund Elliott Management Corp. decided not to submit binding bids. Elliott was working with Relativity Media on a potential bid.
According to Business Week, $2 billion could be what MGM's creditors are looking for, otherwise the consortium of owners could decide to go a different route instead of selling.
Rick Johnston is an associate editor of Portfolio.com.
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