HARVEY and Bob Weinstein, the film-making brothers, last night agreed their departure from The Walt Disney Company in a deal that will see them receive up to $150 million (£80 million) cash and take dozens of projects in development into a new venture.

The brothers will officially leave Disney when their contract finishes at the end of September, but are expected to begin setting up a new media company almost immediately.

The agreement ends months of tortuous negotiations between the volatile producers and Disney executives, including Michael Eisner, the outgoing chief executive, and Bob Iger, who will replace Mr Eisner in September.

Against their wishes, the Weinsteins will not take the Miramax brand with them, despite having named the company after their parents, Miriam and Max. They will also give up control of a huge library of films, including The English Patient and Pulp Fiction. But they will keep between 30 and 35 projects in development, as well as the lucrative Dimension Films business run by Bob Weinstein.

The brothers will also maintain a distribution deal with Disney, and will continue to work with it on several projects. Directors including Quentin Tarantino and Anthony Minghella are expected to work with them in their next venture.

The departure ends a 12-year link with Disney that began when the conglomerate bought Miramax for $75 million in 1993. The liaison has been punctuated by numerous skirmishes, especially between Harvey Weinstein and Mr Eisner.

In place of the Weinsteins will be a much leaner Miramax with less funds than the present annual budget of $700 million. Disney has not appointed a new executive to head the unit, but the leading candidate is thought to be Daniel Battsek, a Briton who runs the UK arm of its film distribution unit, Buena Vista International.

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