A THIRD BIDDER LOOKING TO BUY MIRAMAX

A new player has entered the bidding for Disney’s Miramax Films. The Los Angeles Times today (Wednesday) identified him as David Bergstein, who, through his firm Pangea Media Group has reportedly outbid the other suitors: a circle that encompasses Ron Burkle’s Yucaipa investment group as well as Miramax founders Bob and Harvey Weinstein’s current production company; and Alec and Tom Gores, brothers who run two separate investment firms, Gores Group and Platinum Equity. The Times reported that over the last week the Gores and Weinsteins had discussed making a joint bid but decided in the end not to do so. The Times observed that Bergstein’s entry into the bidding “adds even more intrigue to the Miramax sale,” since creditors have accused him and partner Ron Tutor of financial mismanagement and are attempting to force five of their companies into bankruptcy.