Colony purchases Miramax for $660m

The Los Angeles-based firm joined the bidding process for Disney's troubled film studio earlier this month.

Colony Capital has closed a deal to purchase Miramax Films from Disney for $660 million, ending roughly a six-month bidding process.

The Los-Angeles based firm had been in talks to purchase the troubled film studio, whose central operations merged with Disney earlier this year, for roughly a month.

Colony invests
in Hollywood

Colony had reportedly planned to invest $100 million in the deal, which includes a co-investment from billionaire Ron Tutor, among others.

Platinum Equity, another Los Angeles-based firm, was also thought to have expressed interest in Miramax, as had the Yucaipa Companies, the investment group of billionaire Ron Burkle, according to media reports. 

Earlier this month, Colony and General Atlantic finalised a $1.9 billion deal to buy a stake in US bank First Republic, after its management launched a buy-out from Bank of America.