Miramax Studio closed by Disney

When Eisner added the Weinstein brother’s Miramax studio to its quiver there were a lot of people wondering if that arrow would shoot straight. But it was fashionable in Hollywood at the time to have a boutique label that could go and win a couple Oscar’s every year and if it lost a tens of millions of dollars a year, well that was the price for fame.

Well, there’s a new sheriff in town, CEO Bob Iger, and he’s not interested in glamour for the studio, just franchises that are productive. So, Miramax found itself whittled down until just a skeleton crew was left to go through the motions. Now, the door will be locked on the Disney chapter for Miramax and the final 80 employees out on the street. A sad ending for what was once a bright jewel of a studio, even if no one could ever tell you if it was diamond or paste.

Carpetbagger has a wrap up of how the news was being taken in Sundance and some news of a possible future for Miramax over at the NY Times.