07/08/2010 06:56 pm ET Updated May 25, 2011

Disney Sells Miramax For $675M To Tutor

Los Angeles billionaire Ronald Tutor and his partners Morgan Creek, Colony Capital and David Bergstein have reached agreement to buy Miramax from The Walt Disney Company, Waxword has learned.

The sale price is believed to be $675 million.

The agreement was struck on Thursday afternoon in negotiations led by Tutor, who will take the lead management position in the arthouse studio with a 700-film library, according to a knowledgeable individual.