Miramax in talks with Netflix, Google, Hulu, others for digital distribution deal
Independent film studio Miramax is in licensing talks with Netflix and other video services -- including Amazon, Hulu and Google -- to distribute its 700-film library online, according to a person familiar with the matter.
No agreement has been reached, however the terms for any deal would likely exceed $100 million, said the person, who spoke on condition of anonymity because the person was not authorized to speak publicly about negotiations.
As the rivalry among online video services grows more intense, competitors are vying with one another to secure valuable content. The Miramax library is an obvious plum, with such recognizable titles as "Pulp Fiction," "Chicago" and "Good Will Hunting."
When he took the post running the independent studio in December, Miramax Chief Executive Mike Lang said signing a digital distribution agreement was a top priority.
Spokeswomen for Miramax, Hulu and Amazon declined to comment, as did a spokesman for Google Inc. Officials for Netflix did not immediately respond to requests for comment.
Miramax is owned by a consortium of private investors led by construction magnate Ron Tutor and private equity firm Colony Capital, which last year paid $660 million to acquire the company and its library from Walt Disney Co.
The Netflix talks were originaly reported Friday by the Wall Street Journal.
-- Dawn C. Chmielewski and Ben Fritz
Please please please let this deal happen! I love Hulu but their film library is unimpressive to say the least. Besides, if they had quality films on their site, people would be less compelled to illegally download them.
Posted by: aclineo | March 26, 2011 at 06:56 AM
IMHO, a possible deal wouldn't exceed even 50 mln.
100 mln is a the sum voiced by "a person familiar with the matter" in order to present publicly Miramax "heritage" more expensive than it is.
Posted by: VanHattem | March 26, 2011 at 02:21 PM