MIRAMAX CHIEF QUITS

In a surprise announcement, Miramax CEO Mike Lang said today (Friday) that he is resigning. There had been no suggestion that Lang, who has held the post since new owners Filmyard Holdings purchased Miramax from Disney in 2010, was considering stepping down. In fact, he had been widely credited by numerous analysts with engineering numerous deals with digital distributors for library content that had strengthened the company’s footing — with additional deals close at hand. No reason was given for his resignation. Miramax Chairman Richard Nanula, who is also a principal at Colony Capital, said “We are very proud of what Miramax has accomplished in such a short period of time. … We thank Mike for all of his hard work and we wish him well as he looks at future endeavors.” Lang himself said that Miramax “has a great team, and I remain highly supportive of Miramax and its opportunities ahead. Daily Variety observed today that Miramax had been able to borrow $500 million leveraging future licensing deals for the library “toward which,” the trade publication observed, “Lang was expected to help steer the company.” In his announcement Lang said that he would stay on as a consultant while Miramax seeks his replacement. CFO Steve Schock will serve as interim CEO.