NEW HITCH IN MIRAMAX SALE

Two principal investors in the deal to buy Miramax from Disney have pulled out, leaving the remaining two principals, construction magnate Ron Tutor and private equity firm Colony Capital, with the choice of either putting up all of the $660 million purchase price or bringing in other investors, the Los Angeles Times reported today (Thursday). The two defecting investors, Morgan Creek Productions founder James Robinson and retired engineer Jerome Swartz, were together expected to contribute $100-150 million toward the $650-million purchase price. Sources told the Times that Robinson had pulled out because, in the words of the newspaper, “Robinson had expected to be an equal partner with Tutor and run day-to-day operations of Miramax, but … Tutor and Colony objected.” Commented Robinson: “At the end of the day, the deal we thought we had we didn’t have.”