Darren Franich
May 25, 2010 AT 08:24 PM EDT

According to the Associated Press, the Walt Disney Co. has backed out of a plan to sell its struggling Miramax division to Ron Burkle. Burkle had partnered on the deal with Harvey and Bob Weinstein, the original founders of Miramax, who left in 2005 to start their own independent studio, the Weinstein Company. Apparently, negotiations faltered over various issues pertaining to how the brothers would manage both Miramax and Weinstein Co.

The Miramax division was mostly shuttered earlier this year, but the studio still has a profitable back catalogue of iconic films, including Pulp Fiction, The English Patient, Clerks, The Piano, and The English Patient. Disney is reportedly considering an offer from financier brothers Tom and Alec Gores.

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