Filmyard takes Miramax
The demise of Miramax may now be over. Yesterday, Disney finalized it’s sale of Miramax to Filmyard Holdings. The same day that Blockbuster filed bankruptcy, the new ownership acknowledges the “open” playing field for future delivery of independent films. Miramax, recognized for it’s ability to bring great independents to the main stream – Tarantino’s films like Pulp Fiction come to mind, now faces the digital delivery model. Colony Capital’s Tom Barrack, in a mid-day afternoon interview from Neverland Ranch with Erin Burnette, detailed his belief that Hollywood’s closed system is coming to an end similar to other industry consolidations (i.e. banking, real estate).
When DVDs rent for $1 thirty days after release at a local Redbox and major US theaters have 10 or less people per showing, it’s clear Colony is onto something. Of course, future content will drive sales – and that’s where finding emerging talent that understand their audience plays a role.