The exclusive negotiating window between the Weinstein brothers and Walt Disney Co. over the acquisition of Miramax Films has been extended through the weekend, according to a person close to the talks.

Backed by supermarket magnate Ron Burkle and other investors, Bob and Harvey Weinstein are attempting to win back the specialty movie company they founded, sold to Disney and eventually were forced to vacate. The Weinsteins, whose Burkle-backed bid is valued at $625 million, originally had a five-day exclusive negotiating window with Disney, leaving two other bidders, brothers Alec and Tom Gores, and a company advised by David Bergstein in the wings.

Disney declined to comment on the status of the negotiations, as did a spokesperson for Weinsteins.

-- Dawn C. Chmielewski and Claudia Eller

A member of the Weinstein Co. board of directors has issued a statement on behalf of the board in support of Bob and Harvey Weinstein's role in a consortium looking to acquire Miramax Films from Disney.

The move comes after Mark Cuban, a small investor in the Weinstein Co., told Bloomberg News he had concerns about the deal. Cuban's statement led the Weinstein Co. to fire back that his issues had to do with "The Road," a movie that the Weinstein Co. released to disappointing results late last year. Cuban was an investor in that movie. Company Town asked Cuban if his concerns were with the release strategy of "The Road" or with the Miramax deal and he said in an e-mail that "they go hand-in-hand."

Board member Richard Koenigsberg said the board "couldn’t be more excited about the possibility of the Weinstein Company being in business with Ron Burkle, Fortress and the possibility of an acquisition of Miramax." He added that the board gives its "full support to Bob and Harvey in their efforts on behalf of the Weinstein Company in relation to Miramax."

The deal being negotiated for Miramax has Burkle putting up about half of the $625 million being offered for the library, with additional funds coming primarily from Fortress Investment Group. Neither Bob or Harvey Weinstein or the Weinstein Co. are putting up any money for the deal. The library will be managed by the Weinstein Co., which will collect a fee from the owners.

As for Cuban, Koenigsberg said the Dallas Mavericks owner is "one of our shareholders who we admire greatly. He is not on the Board."

Cuban's stake in Weinstein Co. is less than 5%, and he may be trying to exert pressure on the production company to try to get back some of his investment in "The Road." He wanted the movie to be opened in 1,200 theaters, but the Weinstein Co. ended up adopting a much smaller release strategy.

"We have been diligently working to rectify this situation," Koenigsberg said.

Koenigsberg went on to warn any other board members about speaking to the media. Doing so, he said, "is in violation of a confidentiality agreement and the Board will pursue that vigorously."

-- Joe Flint

If only all their movies were this dramatic.

Walt Disney Co.'s efforts to unload Miramax Films may reach a climax within 24 hours. The Weinstein brothers and their financial partner Ron Burkle are in the final hours of their exclusive negotiating period with Disney to seal a deal.

However, in a potential last-minute glitch, a shareholder in the Weinstein Co., which is Bob and Harvey Weinstein's production company, is voicing concerns about the plans.

Mark Cuban, owner of the Dallas Mavericks and one of the investors in the Weinstein Co., told Bloomberg News that he is having "issues" with the company over the Miramax situation. Cuban did not elaborate with Bloomberg on what specifically his concerns with the deal were.

However, a person familiar with the situation said Cuban's issues have to do more with the movie "The Road," a Weinstein Co. release that he invested in, rather than with the deal. In an e-mail to Company Town, Cuban would say only that if he is not "able to resolve our issue, we may have no choice but to take the advice our lawyers have given us."

While there has been whispers that some of the financial backers of the privately held Weinstein Co., which includes Cuban, Goldman Sachs, French media company TF1 and advertising giant WPP are not on board with the deal, people close to the Weinsteins have denied that and add that its board has no issues with the Miramax plans.

Among the concerns of at least one backer is that it is a conflict for the Weinsteins to be involved in managing an asset apart from running the Weinstein Co. The Weinstein Co. would receive a fee for managing the assets for Burkle. There is also worry that the Weinsteins, who have faced severe financial challenges over the last few years, need to stay focused on that asset and not Miramax.

Whether any of this is really enough to derail talks is unclear. People with knowledge of the situation expect Disney and the Weinsteins and their backers to keep talking through the night if need be in hopes of closing the deal. However, so-called deadlines in such situations are often fluid. The Weinsteins' original $600-million bid, led by Burkle, was recently raised to $625 million to take over the 611-title Miramax library and other unreleased films.

[Updated at 3:48 p.m.: A Weinstein Co. spokeswoman said the company's board is "completely up to speed and supportive with regards to our conversations concerning Miramax." As for Cuban, the spokeswoman said his issues are with the distribution of "The Road," which was a box office disappointment. "We all would have liked for this brilliant film to have done, better but unfortunately we simply didn’t get the traction,” the spokeswoman said.]

People familiar with the offer said Burkle is putting up about $300 million of the purchase price in cash, and the other half will be debt provided by Fortress Investment Group and potentially other funds.

Disney has been working to get the bid closer to the $700 million it initially sought for the specialty film label, whose library includes such Oscar-winning films as "Chicago" and "Shakespeare in Love."

-- Dawn C. Chmielewski, Claudia Eller and Joe Flint

Photo: Harvey, left, and Bob Weinstein on Oscar night 1997. Credit: Steve Grayson / Reuters

Only a few weeks ago, it looked like the Walt Disney Co. wasn't going to raise anywhere near the $700 million asking price for its Miramax film library.

Although the Burbank entertainment giant still may not get the price it originally sought, bids are inching up as suitors try to elbow each other out of the way as they vie for the library of some 600 films and a handful of unreleased projects.

Alec and Tom Gores, who had submitted the lowest of three bids on the table, upped their offer, according to a person familiar with the matter.  The brothers, who run investment firms Gores Group and Platinum, respectively, initially bid $550 million for Miramax. 

The sweetened offer comes as Bob and Harvey Weinstein, through a partnership with supermarket mogul Ron Burkle's Yucaipa Cos., raised their bid to a $600-million all-cash offer, after Harvey Weinstein met last weekend in the home of Disney Chief Executive Bob Iger, people close to the matter said.

The New York investment firm Fortress Investment Group has joined in the Yucaipa-Weinstein bid. Details of the higher bid were first reported by thewrap.com.

An offshore corporation advised by Pangea Media Group’s David Bergstein, which brings together construction magnate Ronald N. Tutor and two other unidentified investors, bid $650 million for Miramax but would up the ante to $700 million if Disney throws in the unreleased animated film "Gnomeo and Juliet."

The auction is expected to intensify in the coming days as Disney pushes to wrap up bidding. A Disney spokesperson did not immediately respond to requests for comment.

-- Claudia Eller, Joe Flint and Dawn Chmielewski

Photo of Tom Gores, upper right, Credit: Plantinum Equity. Photo of Ron Burkle, lower left. Credit: Chester Higgins Jr./The New York Times.

Once again Walt Disney Co. has pushed back the deadline for submitting bids to acquire the specialty label Miramax Films to April 5, according to people with knowledge of the situation.

As the deadline approaches, one prospective bidder has dropped out: Washington Redskins owner Daniel Snyder, whose RedZone Capital investment firm decided not to submit an offer after reviewing documents and having discussions with Disney executives, said two people close to the bidding process.

That leaves Miramax founders Bob and Harvey Weinstein, who are looking to reclaim the studio named for their parents, Miriam and Max, and boasts such library tiles as Oscar winners "Shakespeare in Love," "The English Patient" and "Chicago."

The brothers are in talks with a number of potential financial partners, including supermarket magnate Ron Burkle, who runs the Yucaipa Companies investment firm, said three people familiar with the matter.

Burkle did not return calls seeking comment.

Brothers Alec and Tom Gores, who run separate investment firms, are joining together to submit a bid for Miramax's library. Their sibling Sam Gores, who runs the Paradigm talent agency, is advising his two brothers in the negotiations, according to people with knowledge of the discussions.

There is a possibility that the Gores brothers could involve the Weinstein brothers in a strategic role, said knowledgeable people, but not as financial partners. 

The Weinsteins are not only familiar with Miramax's film catalog, but they hold sequel rights to several of the studio's movies, which Disney has the right to co-finance. The Miramax founders also have access to distribution, something that the Gores would have to arrange if they were to acquire the library. Under one scenario, the Gores could strike a deal with Disney to release the movies.

Disney shut down the independent film unit this year, closing offices in New York and Los Angeles and laying off dozens of people. The Burbank media conglomerate began quietly courting would-be buyers for the Miramax library, which it believes it could fetch $700 million.

Several investment firms and independent studios -- including Lions Gate Entertainment, Summit Entertainment and Amir Malin's investment fund Qualia Capital -- have expressed interest in Miramax, but balked at the asking price.

-- Dawn Chmielewski and Claudia Eller

Photo: Kate Beckinsale and Robert De Niro in the Miramax movie "Everybody's Fine." Credit: Abbot Genser/Miramax Film Corp.

After independently exploring a potential acquisition of Miramax Films, brothers Alec and Tom Gores are joining forces on a potential bid for the specialty movie label, people close to the matter said Friday. Also entering the field is Washington Redskins owner Dan Snyder, whose RedZone Capital investment firm owns Dick Clark Productions and the Johnny Rockets hamburger chain, informed people said. 

Walt Disney Co. just extended its deadline for final bids on Miramax to March 31 as some prospective buyers, including Summit Entertainment, Lions Gate Entertainment and investment fund Qualia Capital have backed away after balking at the initial asking price of $700 million.

Although the Gores brothers are still in the process of due diligence, their offer is expected to exceed $500 million, a knowledgeable person said.

Meanwhile, football team owner Snyder is also exploring a bid, according to two people familiar with the situation. Snyder is also chairman of Six Flags, the amusement park company that filed for Chapter 11 bankruptcy protection last June. Through a spokesman, Snyder declined to comment on Miramax.

There's already a Miramax connection, of sorts, to Snyder. Miramax co-founder Harvey Weinstein sits on the board of Six Flags. He and brother Bob Weinstein, who have made a nonbinding offer for Miramax, are scrambling to put together financing to buy back the company that bears the name of their parents, Miriam and Max, and that they sold to Disney in 1993 for $80 million.

Because the Gores brothers have no studio infrastructure for producing and distributing films, they are contemplating bringing in a strategic partner already in that business.

Ovation TV, a small independent cable channel based in Santa Monica that is devoted to arts and culture, wants to stand up and bid for Miramax Films.

Miramax's movie library of sophisticated and Oscar-winning titles such as "Shakespeare in Love," "Chicago" and "The English Patient" would complement Ovation's mix of highbrow films, theater performances, documentaries, dance, music and opera, the channel's top executive said.

"We are aggressively pursuing the opportunity to bid on Miramax," Ovation Chief Executive Charles Segars said. "Miramax is one of the few strong, independent brands left in film today. It would be a seamless fit for us." 

Segars said Ovation is well positioned to exploit Miramax's movies across its multiple platforms -- cable TV, video on demand, OvationTV.com and a high-definition channel that the company plans to launch in July. He said he recently alerted Walt Disney Co., which owns the library, about his company's interest in Miramax.

Ovation is one of the smaller cable channels -- available in 36 million homes, just a third of the country's TV households. Segars expects Ovation to be available in 40 million homes by the end of the year. Three and a half years ago, when the current group of owners, including Segars, bought the channel, it was available in 5 million homes.  

"My concern is that if Miramax doesn't get multi-platform stewardship, it will quickly weaken the name brand and fade away," Segars said. He noted that Ovation could also offer genre titles like the "Scream" and "Scary Movie" films from Miramax's Dimension Films label on its video-on-demand service, which is available in 6 million homes.

But Ovation may be coming too late to the party for Miramax.  Disney is poised to enter a second round of bidding with the current group of prospective buyers, including Lions Gate Entertainment, Tom Gores' investment firm Platinum Equity Partners and Weinstein Co.

Bob and Harvey Weinstein, whose Weinstein Co. holds a small stake in Ovation, are scrambling to get financial backing to win back the maverick arthouse distributor they founded in 1979 and later sold to Disney.

"For now, we're doing separate bids," Segars said of the separate Ovation and Weinstein efforts.

Ovation probably would finance an acquisition of Miramax through "some of our current investors as well as outside equity partners," Segars said. Ovation's investors include Hubbard Media, Perry Capital, Arcadia Investment Partners and Corporate Partners II.

Segars was a key architect of the acquisition in 2006, and subsequent relaunch, of Ovation. He runs the company with Chairman Ken Solomon, who also heads the Tennis Channel.

Segars said he's not dissuaded by the fact that Disney has already narrowed the field of bidders. There is  no reason Ovation should be turned away even at this late stage, he said. "It doesn't behoove Disney to keep out other interested parties."

Disney is hoping to close a deal for Miramax next month, but several suitors, among them Summit Entertainment and Qualia Capital, already have bowed out. They balked at the Burbank company's $700-million asking price, saying the cash flow from Miramax movie library isn't enough to justify paying that much of a premium.

 -- Claudia Eller

Walt Disney Co. hopes to unload the assets of its recently shuttered specialty label Miramax Films by mid-March. But at this juncture it's unclear which prospective buyer is willing to fork over the premium the entertainment giant is seeking. 

Two prospective bidders -- Summit Entertainment and Amir Malin's investment fund Qualia Capital -- have already backed away from the bidding as their valuations fell far short of what Disney wants for the Miramax library and name, people familiar with the matter said.

Some suitors have balked at Disney's $700-million asking price, concluding that cash flow projections for Miramax's library of more than 600 film titles don't support such a figure, said the people close to the situation.

Meanwhile, a new interested party has surfaced, according to several people: Platinum Equity Partners, the Beverly Hills investment firm headed by Tom Gores. Platinum is evaluating the asset but it's unclear whether Miramax would fit in with its investment criteria, or whether Gores might pursue the transaction privately -- if at all.

Gores, whose brother Sam Gores runs Paradigm Talent Agency, has taken personal stakes in various entertainment ventures, including at one point Lions Gate Entertainment and the 2005 Andy Garcia drama "The Lost City."