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Miramax CEO Mike Lang unexpectedly resigns

March 16, 2012 | 10:12 am

MiramaxMikeLang
Miramax's chief executive Mike Lang has suddenly exited the company after little more than a year on the job.

Lang, a former News Corp. executive who specialized in digital ventures, was named head of newly independent Miramax in December 2010, soon after it was acquired for about $660 million from Walt Disney Co. by a consortium that included private equity firm Colony Capital, construction magnate Ron Tutor, and the Qatari government's sovereign wealth fund.

During his brief tenure, Miramax signed a number of deals to exploit its library of more than 700 films that include "Pulp Fiction" and the Oscar-winning movies "Shakespeare in Love" and "Chicago." Those transactions included DVD distribution agreements with Lionsgate and Studiocanal and partnerships to offer its movies online with distributors including Netflix, Hulu and Facebook.

Recently, Miramax's owners were among the final two bidders on "Twilight" studio Summit Entertainment, which they intended to merge with Miramax. However, Lionsgate ended up buying Summit.

Steve Schoch, Miramax's chief financial officer, has been named interim chief executive while the company seeks a replacement for Lang. Richard Nanula, a principal at Colony and former chief financial officer of Disney, remains Miramax's chairman.

Lang was known for writing updates on Miramax's corporate blog about the company's news and sharing his views on its strategy that he signed "ML." However, there was no post Friday explaining his departure.

RELATED:

Miramax movies to be available on Netflix

Miramax looks to boost tiny Facebook movies market

Miramax expansion plans revealed by failed Summit bid

-- Ben Fritz

Photo: Miramax Chief Executive Mike Lang at the 2012 Consumer Electronics Show. Credit: Ethan Miller / Getty Images.

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