Bob and Harvey Weinstein's quest to re-acquire Miramax -- the studio they founded 31 years ago -- has been a long and arduous process. Things looked bleak a few weeks ago, when issues involving co-investor Ron Burkle had everyone convinced the deal was dead. The doom and gloom vibe was then exacerbated by the fact that Disney had opened up negotiations with David Bergstein and Ron Tutor. However, just like the script of your standard Hollywood blockbuster, the down-and-out Weinsteins appear poised to make a last ditch effort to come up with a happy ending.
Sources close to the negotiations report the brothers are seriously contemplating making a new -- and substantially more lucrative -- bid for the company. Their initial offer was $625 million, but was later dropped to $500 million after a due diligence search on the investors' part concluded the company was worth less. There's no word yet on how much the new bid might be, but it's interesting that they'd offer more in the wake of the due diligence findings.
The renewed interest comes as Disney and Bergstein and Tutor continue to fail to reach an agreement. According to the NY Post, the deal has met resistance from various Hollywood guilds, who are displeased by some of Bergstein's (who's a producer) business dealings. The window on those negotiations is apparently set to expire in the coming days. If that does happen, the Weinsteins could be back in the mix, but they won't be alone. Another set of brothers -- Tom and Alec Gores -- are also eyeing the studio. Maybe one of these days I'll get to write a story saying "X buys Miramax!" -- but at the moment, things look like they are back at square one.