Disney said to discuss sale of Miramax to tutor, Colony Capital

Construction executive Ronald Tutor is in discussions to buy Walt Disney Co.’s Miramax film label, with backing from private equity firm Colony Capital, according to two people with knowledge of the talks.Negotiations are continuing almost around the clock, said one of the people, who asked not to be named because talks are private. No deal is assured. If consummated, an agreement may be announced by next week, the person said.

Tutor approached Colony prior to the July 4 weekend seeking financing, said one person with knowledge of the arrangement. Los Angeles-based Colony, led by chairman and CEO Tom Barrack, has investments include Michael Jackson’s Neverland ranch in Santa Barbara.Disney is asking for $600 million to $700 million for Miramax, whose films include “The English Patient” and “Shakespeare in Love,” said one of the people.Tutor, chairman and chief executive of Sylmar, California- based Tutor Perini Corp., didn’t return calls seeking comment. A Disney spokeswoman didn’t respond to a request for comment.