Disney Shuts Down Miramax After 30 Years in Business

The Walt Disney Company, which bought Miramax from the Weinstein brothers in 2005, has shut down the studio after 30 years in business. Courtesy of Oscar-winning hits like Pulp Fiction and The English Patient, the independent, art house studio became a major industry player in the 1990s. But unlike many of its parent company's films, Miramax didn't get a happy ending. It closed down today, and with it 80 people lost their jobs.

Miramax was founded in 1979 by producers Bob and Harvey Weinstein, who named the company after their parents Max and Miriam. Their company joined the Disney empire in 1993, but the Weinstein brothers quit to form the Weinstein Company in 2005.

At the height of its success, Miramax was widely regarded as one of the industry's most respected and influential production companies. However, in more recent years its output had been scaled down by Disney. It's demise today wasn't all that surprising, and had been foreseen for awhile now.

Now, there are six films in limbo with Miramax's closure. Those include John Madden's "The Debt" and "Last Night" starring Keira Knightley.

Reflecting on today's events, Harvey Weinstein said:

"I'm feeling very nostalgic right now. I know the movies made on my and my brother Bob's watch will live on … Miramax has some brilliant people working within the organisation and I know they will go on to do great things in the industry."