In what may be the final dramatic twist for Miramax, the Weinstein brothers are circling their old studio with an eye toward buying it back from the Walt Disney Co.

Two hedge funds have approached brothers Harvey and Bob Weinstein about teaming up to buy the studio, according to an individual with knowledge of the plan. 

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Such a deal would make some sense. The studio has gone into decline since the Weinsteins parted ways with Disney in 2005, and the parent company has shown little enthusiasm or acumen for capturing the magic that brought indelible films like “The English Patient,” “Pulp Fiction” and “Shakespeare in Love” to American culture.

The Weinstein brothers founded Miramax in 1979 and sold it to Disney in 1993. They parted in 2005 and have since formed the Weinstein Co., an independent studio that has struggled financially but garnered 13 Oscar nominations Tuesday for movies including “Inglourious Basterds” and “Nine.”

The names of the hedge funds were not available; one controls $44 billion in capital, according to the knowledgeable individual.

For the brothers, a purchase would feel like some kind of final justice for a company that they named after their parents. But others are showing interest, too.

TheWrap reported this week that Summit Entertainment, Relativity Media, Studio Canal and billionaire Nelson Peltz were all among those showing interest in the studio, which has a library of 700 fims, but found the $700 million asking price too high.

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