The new chief executive of Miramax Films said Thursday that he’ll focus primarily on boosting sales of the 700-movie library of Oscar winners and other classics while looking for partners to make new films.
Mike Lang, a 45-year-old former strategy executive at News Corp.’s Fox, started this week as head of the edgy studio, which investment group Filmyard Holdings bought from The Walt Disney Co. for $663 million last week.
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). Disney offloaded the niche label in favor making more family-oriented franchises and its Pixar and Marvel brands.
Among Lang’s top priorities are partnering with distributors to sell DVDs and offer Miramax movies, such as “The English Patient,” online. He’s also looking to license the films to TV channels at home and abroad.
“The TV market around the world is growing. They’re all going to need movies for their channels,” he said in an interview.
Among his first priorities: releasing “Pulp Fiction” on Blu-ray and finding a partner to distribute three films that have not yet been released theatrically: “The Debt,” “Don’t Be Afraid of the Dark,” and “Last Night.”
Filmyard Holdings is majority owned by Colony Capital, its CEO Tom Barrack, and passive investor Qatar Holding LLC, an arm of the Middle Eastern country’s government. Ron Tutor, the chief executive of construction company Tutor-Saliba Corp., is also an investor.
Their purchase of the studio, which Disney bought in 1993 for $80 million, included taking on $408 million in debt in two batches, which Moody’s Investors Service on Wednesday rated as below investment grade at “Ba2” and “B2.” Accounting for fees and cash on the books, the investors’ equity portion came to $245 million.
Filmyard expects existing deals should result in cash flow above $150 million for the first year, and it expects to be able to pay back its debt before maturity in six years. Moody’s said its rating reflects that the library will age and generate less revenue over time.
Lang said he expects to hire 50 to 75 people in the next couple years. Besides generating new sources of revenue for existing movies, he said he hopes to partner with others, including the Weinsteins, to develop sequels to franchises in its catalog. Miramax and the Weinsteins share rights on a number of series including “Scary Movie” and “Scream.”
Director Hans Emanuel Joins Caviar For Commercials and Music Videos
Production company Caviar has signed director Hans Emanuel for U.S. commercial and music video representation. The film and advertising director fuses his keen--and Berlinale Film Festival Award-winning--eye for cinematic storytelling with a commercial background across multiple genres including beauty, automotive, dance, and visual effects-heavy projects, to produce creative for clients like Kia, Nivea, Nissan, L’Oreal, BMW and more.
Caviar executive producer Salim El Arja noted, “Hans has a unique ability to blend stunning visuals with heart and humor, rooted in his confidence as a craftsman. This allows him to focus on drawing exceptional performances from actors--including celebrities--and crafting films that are not only visually striking but also deeply engaging and often hilariously comedic. His sensibilities align perfectly with Caviar’s vision, and we’re excited to collaborate with him on work that pushes creative boundaries.”
Emanuel added, “Caviar is a renowned name, certainly since I began my career. They have a solid reputation for quality work, and I’ve always respected them as a company. Life is about where destiny makes you flow with the people you need; thanks to a series of projects, I was introduced to Florence Jacob with Caviar Paris first, and the rest is history. I feel they can support my career growth with their comedic expertise and filmmaking prowess.”
Prior to joining Caviar, Emanuel had been repped by production house Stadium. He was born and raised in Santa Monica, Calif., to a Mexican-German mother, benefiting from a culturally diversified upbringing that carried through his education interests. Knowing he wanted to be a filmmaker from the start, he began his career in the luxury and beauty field,... Read More