ViacomCBS said Friday it’s closed on the acquisition of a 49% stake in Miramax from owner beIN Media Group, whih will retain 51% in the company. The current Miramax leadership team will continue in their existing roles.
ViacomCBS said that $150 million of the $375 million pricetag was paid at closing and it’s committed to invest $225 million – comprised of $45 million annually over the next five years – to be used for new film and television productions and working capital.
Paramount Pictures also entered into an exclusive, long-term distribution agreement for Miramax’s film library and an exclusive, long-term first-look agreement allowing Paramount Pictures to develop, produce, finance and distribute new film and television projects based on Miramax IP.
Qatar-based entertainment company beIn Media Group bought Miramax – originally launched in 1979 by Bob ad Harvey Weinstein – in 2016 from shareholders Qatar Investment Authority and Colony Capital.
The Miramax library contains more than 700 titles including Best Picture Oscar winners The English Patient, Chicago, Shakespeare in Love and No Country for Old Men.
“This represents a major investment in and endorsement of our thriving Miramax business, which has grown in value under beIN Media Group’s ownership and has a fantastic future ahead with major new movies and unexploited premium dramas. We are thrilled to partner with ViacomCBS and Paramount to explore further opportunities around Miramax’s iconic IP, and also at group level,” said beIn Media chairman Nasser Al-Khelaifi. The partership with the U.S. media conglom, “substantially increases the scale of our entertainment business [and] further underlines beIN’s ambitions on the global stage.”