BURBANK, Calif. -- The Walt Disney Company announced today the sale of Miramax Films to Filmyard Holdings LLC for over $660 million subject to certain adjustments. Partners in Filmyard include Los Angeles businessmen Ron Tutor, Tom Barrack, Colony Capital LLC and other individuals. The transaction is subject to certain regulatory approvals and is expected to close between September 10, 2010 and the end of the calendar year.
The sale of Miramax Films includes rights in over 700 film titles, including Academy Award winners like Chicago, Shakespeare in Love and No Country for Old Men. Also included are non-film assets, such as certain books, development projects and the "Miramax" name.
"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," said Robert A. Iger, Disney's President and CEO. "We are delighted that we have found a home for the Miramax brand and Miramax's very highly regarded motion picture library."
"I am delighted and honored to acquire the Miramax library," said Ron Tutor. "On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high quality content with the world in every form of media for many years to come."
OAKBROOK TERRACE, Ill., -- Redbox, the popular DVD rental kiosk provider, and wholly-owned subsidiary of Coinstar, Inc. (Nasdaq: CSTR), today announced it has started rolling out Blu-rayTM titles with availability at approximately 13,300 kiosks nationwide. Redbox will rent Blu-ray Discs® at $1.50 per night plus tax and the company expects to have availability across its network of approximately 23,000 kiosk locations by the fall.
"Offering Blu-ray rentals is an exciting opportunity for redbox to expand our product offerings and build on the relationships that we've established with millions of consumers nationwide," said Mitch Lowe, president, redbox. "Redbox is a convenient, affordable home entertainment provider and we're delighted to offer consumers their favorite movies on the increasingly popular Blu-ray Disc format."
According to a recent report by the Digital Entertainment Group, sales of Blu-ray players increased 103 percent in the first half of this year. The sale of almost two million set-top players during this time has increased the total number of Blu-ray players sold to an estimated 19.4 million, resulting in more consumers entering the Blu-ray rental market.
The Book of Eli, Bounty Hunter, Brooklyn's Finest and Green Zone are among the Blu-ray titles currently available at redbox® kiosks. The number of Blu-ray titles and copies will vary by kiosk and location with new titles being added each week. Consumers can visit www.redbox.com/bluray to find a nearby redbox location and to check Blu-ray availability in their area. Consumers can return their Blu-ray rentals to any redbox location as part of the company's rent-and-return anywhere® policy.
Each fully automated redbox kiosk holds 630 discs, representing up to 200 titles, including standard definition DVDs and Blu-ray Discs at select locations. Consumers simply use a touch screen to select their favorite movies, swipe a valid credit or debit card and go. For added convenience, customers can visit www.redbox.com to select their movie online or via the iPhone® app from redbox and pick it up immediately at the redbox location of their choice.
KNOXVILLE, Tenn. -- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced fiscal second quarter 2010 results.
Total revenues for the second quarter ended July 1, 2010 were $730.7 million compared to total revenues of $789.2 million for the second quarter ended July 2, 2009. Net income attributable to controlling interest in the second quarter of 2010, which included an $11.5 million after-tax loss on debt extinguishment, was $4.8 million compared to $40.5 million in the second quarter of 2009. Diluted earnings per share was $0.03 for the second quarter of 2010 compared to $0.26 for the second quarter of 2009. Adjusted diluted earnings per share(1) was $0.12 for the second quarter of 2010 compared to $0.30 for the second quarter of 2009. Adjusted EBITDA(2) was $128.4 million for the second quarter of 2010 and $167.1 million for the second quarter of 2009. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release.
Regal's Board of Directors also today declared a cash dividend of $0.18 per Class A and Class B common share, payable on September 17, 2010, to stockholders of record on September 9, 2010. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors depending on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows as well as other relevant factors.
"We continue to be pleased with the pace of our digital cinema and 3D rollout and were happy to complete the acquisition of eight theatres from AMC in late June," stated Amy Miles, CEO of Regal Entertainment Group. "We are also encouraged by the year-to-date and early third quarter box office results and the outlook for the remainder of the year," Miles continued.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2009 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2010. All forward-looking statements are expressly qualified in their entirety by such factors.
J.J. Abrams is set to produce Boilerplate: History's Mechanical Marvel at Paramount. The project takes a similar approach to the one used in Forrest Gump by inserting the world's first robot into key historical events such as World War I.
The next Abrams-directed flick to hit theaters will be Super 8, which had its teaser premiere in front of Iron Man 2. Steven Spielberg serves as a producer on that project.