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Miramax closes shop

big_imageThe offices of award-winning Miramax Films were closing on Friday, but the brand will continue to exist for at least two years.

The closures were in line with plans announced in October to slash Miramax's movie production to three per year, down from six to eight. Miramax owner Walt Disney Co. also announced then that Miramax president Daniel Battsek was leaving the company this month.

Miramax's operations are being folded into Disney's studio.

Miramax, founded in 1979, had made such Oscar-winning films as "Pulp Fiction" (1994), "Good Will Hunting" (1997) and "No Country for Old Men" (2007) and helped launch the career of director Quentin Tarantino.

But Disney's own studio has been seeing its profits shrivel and is being reorganized under its new chairman, Rich Ross, 48, who took over in October.
Miramax was one of many niche labels shuttered or downsized in Hollywood recently, plagued by high costs and few commercial hits despite their occasional critical success.

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