Though the Miramax website shows no mention of the news, it was leaked late Wednesday that the company would shut down, costing about 80 employees their jobs.
The movie giant had been in trouble since president Daniel Battesek quit in the fall.
Brothers Harvey and Bob Weinstein created the company in 1979 naming it after their parents Miriam and Max. In 2005, they sold the successful venture to the Disney Corp.
“This was coming for a while,” Richard Crouse, CTV‘s Canada AM film critic, told thedailyplanet.com. “Once Harvey and Bob (Weinstein) left the company was really dwindling.”
Under the Weinstein’s, many pop cultural favourites were produced such as “Pulp Fiction”and “Good Will Hunting.” Following Disney’s take-over, the brand moved away from indie flicks to more family-oriented fare. Six films are still awaiting release, and the future of those movies is uncertain.
Miramax released five movies in 2009 which grossed $39.6 million in U.S. box-office sales, according to Box Office Mojo, a film researcher based in Sherman Oaks, California. In 2008, eight released films collected $66.2 in U.S ticket revenue.
“In its heyday back in the 90s, no one did independent films like the Weinsteins – and no one has since,” said Crouse.