- ViacomCBS announced it is buying a 49% stake in Miramax from Qatar-based BeIN Media Group for a total of $375 million
ViacomCBS announced it is acquiring a 49% stake in Miramax from Qatar-based BeIN Media Group for a total of $375 million. As part of the deal, ViacomCBS will be paying $150 million in cash upfront along with a commitment to invest $45 million a year for five years to fund new film and TV projects and working capital, according to Variety.
In August, Viacom announced that it would be merging with CBS in an $11.7 billion deal and that it just closed earlier this month. Viacom and CBS became known as ViacomCBS and it combined the most-watched U.S. broadcast network with the parent company of cable channels like Comedy Central, MTV, Nickelodeon, BET and the movie studio Paramount Pictures.
As part of the Miramax deal, ViacomCBS’ Paramount Pictures will gain an exclusive long-term deal for worldwide distribution rights to Miramax’s library of about 700 movies. Plus the partners will also collaborate on developing new projects and reboots. Miramax will continue to be headed by CEO Bill Block.
“Miramax is a renowned global studio, responsible for some of the most iconic films of the last three decades, including Pulp Fiction, Good Will Hunting, Kill Bill and more,” said ViacomCBS president and CEO Robert M. Bakish. “This partnership with beIN will be a unique opportunity to gain access to a valuable library, deepening our already substantial pool of IP at a time when demand for premium content is only accelerating. We look forward to working closely with the Miramax management team as we explore new ways to deliver its titles across a variety of platforms and create new, compelling projects.”
BeIN Media Group chairman Nasser Al-Khelaifi pointed out that the sale is not a way for the company to pull back from Hollywood, but it is a way to explore further opportunities in the space.
“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,” added Al-Khelaifi. “We are thrilled to partner with ViacomCBS and Paramount to explore further opportunities around Miramax’s iconic IP, and also at Group level; while substantially increasing the scale of our entertainment business. This deal further underlines beIN’s ambitions on the global stage – we are very proud to have established ourselves as one of the leading groups in sport, entertainment, and media.”
BeIN Media is intending to retain the remaining 51% of Miramax.
