ViacomCBS takes 49% stake in Miramax | Major Businesses | Business | News | Rapid TV News
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In a deal that will give the newly formed media giant access to what it calls an ‘iconic’ film library, while offering reciprocal rights to its own global distribution network, ViacomCBS has taken a near half equity share in beIN Media Group’s Miramax.

mmx bein logo blue 23Dec2019Under the terms of the transaction, ViacomCBS will acquire 49% of Miramax from beIN for a total investment of $375 million, which includes an upfront cash payment of approximately $150 million, along with a commitment to invest $45 million annually over the next five years, or $225 million, to be used for new film and television productions and working capital. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2020 and will see Miramax’s current leadership continue to lead the company.

The global film and television studio has a slate including more than 700 titles, 278 Academy Award nominations and 68 Oscars including four Best Picture awards for Chicago, Shakespeare In Love, The English Patient, and No Country For Old Men. ViacomCBS sees the investment as creating synergies and other opportunities through both new production and co-financing opportunities in film and TV as well as the combined distribution of both new and existing library content.

For its part, Miramax gains availability to the Paramount Pictures content library including more than 3,600 films and its global distribution infrastructure, marketing resources and production expertise. In addition, Paramount Pictures now has a long-term first-look agreement allowing it to develop, produce, finance and distribute new film and television projects based on Miramax’s IP. beIN Media and ViacomCBS will explore other strategic partnership opportunities across content production and distribution, live events and recreation globally.

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 Bob 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 added, “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...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.”