INVESTOR AGREES TO PAY TOP DOLLAR FOR MIRAMAX

Pangea Media Group, headed by investor David Bergstein, reportedly is prepared to meet the Walt Disney Co.’s asking price of $700 million for Miramax, particularly if the studio will include an unreleased animated film Gnomeo and Juliet in the package, according to published reports. However, several news reports indicated today (Thursday) that Disney was likely to turn down the offer because of Bergstein’s known financial conflicts, including accusations by creditors of mismanagement and efforts to force him into involuntary bankruptcy. Daily Variety said today that more than two dozen creditors including the Hollywood guilds are seeking back payment of residuals and salaries.