In a move that gives more control of the independent film studio to investment firm Colony Capital and its chief Tom Barack, construction magnate Ron Tutor has sold his stake in Miramax.
The buyer is the Qatari Investment Authority, the sovereign wealth fund of the Middle Eastern nation and a partner of Colony's, said a knowledgeable person who was not authorized to discuss the topic publicly.
The Qatari fund was already the largest stakeholder in Miramax when a consortium of buyers acquired the pioneering independent film company from Walt Disney Co. in 2010 for $663 million. Colony and the Qatari Investment Authority together had majority control of the business. Tutor was the next-largest equity holder.
It's unclear why Tutor, chief executive of Sylmar construction company Tutor-Perini, decided to sell at this point. He did not immediately respond to a request for comment.
Miramax's future has been uncertain since chief CEO Mike Lang stepped down last year, after Colony failed in a bid to acquire Summit Entertainment and merge the two studios.
It has operated for nearly a year with an interim CEO, Steve Schoch.
During that time Miramax has continued to sign deals to exploit its library of about 700 movies including "Pulp Fiction" and "Bad Santa" on television and digital platforms. However, it has not made any acquisitions or moves to produce new movies, as Lang and Chairman Richard Nanula -- a former Disney executive who is a partner at Colony -- previously indicated it would.
News of Tutor's sale of his Miramax stake was first reported by Variety.