89.3 F
San Fernando
Thursday, Jun 8, 2023

Tutor Sells Stake in Miramax: Variety

San Fernando Valley construction magnate Ron Tutor has sold his stake in Santa Monica film studio Miramax Films, according to a report Monday in entertainment industry trade publication Variety. Tutor owned a minority share in Miramax and its valuable 700-film library, which he purchased in December 2010 from Walt Disney Co. His partners in the $663 million transaction were the Qatar Investment Authority and Colony Capital LLC, a Santa Monica real estate investment firm. Variety reported that sources close to Miramax said Tutor sold his share to the Qatar Investment Authority, bringing the sovereign wealth fund’s stake in the studio to 75 percent. Tutor is chairman and chief executive of Tutor-Perini Inc. Corp., a Sylmar construction firm that works on public and private projects worldwide. Tutor-Perini had revenue of $1.1 billion in the third quarter. Tutor disclosed plans to sell his movie interests during conference calls with investors last year.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles