BOB and Harvey Weinstein, the film-making brothers and co-heads of Miramax, have begun hawking a new, as-yet-unnamed production project to Wall Street financiers in anticipation of their impending exodus from Disney.

The Walt Disney Corporation is understood to have given its formal blessing for the Weinsteins to court bankers ahead of a deal, expected to be closed within days, that will see them leave the media conglomerate with a payout of up to $150 million (£78 million).

The Weinsteins have held informal talks with finance houses thought to include Goldman Sachs, the Blackstone Group and the Quadrangle Group.

The brothers, who sold Miramax to Disney for about $75 million in 1993, want to raise several hundred million dollars to bankroll their new venture.

Under the deal being thrashed out by lawyers, Disney is expected to retain the Miramax brand and an option to co-finance and distribute new films released by the Weinsteins. The brothers keep some projects, as well as Bob Weinstein’s Dimension business.

Insiders insist that Disney’s management change, with Bob Iger replacing Michael Eisner in September, could herald a better relationship with the Weinsteins, still expected to use Disney for marketing aid.

Harvey Weinstein, who had sometimes bickered publically with Mr Eisner during their 12-year relationship, was quick to praise Mr Iger: “I have had a great working relationship with Bob Iger and think he is a terrific choice,” he said.

Mr Iger is understood to have helped to keep the drawn-out negotiations between Mr Eisner and the Weinsteins amicable. Ironically, the Weinsteins and Mr Eisner could leave Disney on the same day.

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