Tutor says $660M purchase of Miramax closed

[December 04, 2010]  LOS ANGELES (AP) -- Construction magnate Ron Tutor can now call himself a Hollywood mogul.

The chief executive of Tutor-Saliba Corp. confirmed Friday that the group of investors he leads closed on a deal to buy the award-laden studio Miramax Films from The Walt Disney Co. for $660 million.

The deal was announced in July, but its closing was delayed amid concerns about bank financing.

Tutor on Friday told The Associated Press that Barclays PLC was the lead bank in the financing.

News of the closing was reported earlier by website TheWrap.

Miramax was founded in 1979 by Harvey and Bob Weinstein and named after their parents Miriam and Max. The studio is behind a string of Oscar winners including "Shakespeare in Love" (1998), "Chicago" (2002) and "No Country for Old Men" (2007).

[Associated Press; By RYAN NAKASHIMA]

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