Robe Lowe is hoping to turn the fortunes of the Miramax Films studio around - the actor has confirmed he is one of the investors in a massive $660 million deal to acquire the company.
The West Wing star recently formed a multimedia investment venture with the chairman of Colony Capital LLC, Tom Barrack, and they were rumored to be in talks to buy the movie company.
Miramax was sold to a group of investors on Friday and Lowe has now confirmed he is part of the takeover.
In a statement, he says, "The acquisition of a classic brand like Miramax is an exciting first step in my partnership with Tom Barrack and Colony Capital. This represents an exciting new chapter for me."
The studio was originally set up by movie moguls Harvey and Bob Weinstein and sold to The Walt Disney Company in 1993 after they left to establish The Weinstein Company.
Miramax fell into financial difficulty and closed its offices in January, sparking a fierce six-month bidding war for control of the company.