The Miramax Films studio founded by movie magnates Harvey and Bob Weinstein has been sold off in a massive $660 million deal after a six-month bidding war.
The company was set up by the famous brothers and sold to The Walt Disney Company in 1993 after they left to establish The Weinstein Company.
Miramax Films fell into financial difficulty and closed its offices in January and the Weinsteins, who were responsible for hit films such as "Reservoir Dogs," "Pulp Fiction" and "The English Patient," tried to buy the company back.
Their negotiations fell though and officials at Disney have now announced the firm has been sold off to a private investment group.
Hollywood actor Rob Lowe was also be said to have been involved in the Miramax bidding war after reportedly joining a massive multimedia investment venture, but he is not thought to be involved with the Filmyard Holding investment group which confirmed its purchase of Miramax on Friday, according to the Associated Press.
The Miramax library of films boasts a string of Oscar-winners including "Good Will Hunting" from 1997.