Walt Disney Co. and its Miramax Films unit have moved significantly closer in recent days to severing their fractious relationship, the Los Angeles Times reported, citing sources familiar with the negotiations.
According to a report on the newspaper’s Web site, several sources said a meeting of key players Wednesday night at Disney’s Burbank headquarters seemed to represent a turning point in the talks, with emotions lowered and expectations heightened that a resolution was near.
Another meeting was scheduled for Thursday night, according to the article. The sources cautioned the newspaper that negotiations could drag on, and two months ago a seemingly close deal collapsed.
Disney and the chiefs of its Miramax Films unit, Bob and Harvey Weinstein, have been at odds for months as the brothers’ goal of expanding movie productions and budgets has collided with Disney’s cost conscious aim of returning Miramax to its low-budget and foreign film distribution roots.
The newspaper said sources on both sides said agreement had been reached on several crucial issues, with Disney agreeing in principle to pay Harvey and Bob Weinstein more than $100 million in compensation.
The report said Disney and Miramax would not comment.
