beIN Media Group retains majority

ViacomCBS said it agreed to acquire 49% of Miramax, Harvey Weinstein’s former movie and TV studio, for $375 million.

beIN Media will retain a 51% in Miramax and the studios current executive team will continue to run the company.

“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 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.”

Miramax is known for award winning films including Chicago, Shakespeare in Love, The English Patient, No Country for Old Men.

ViacomCBS sees synergies between its Paramount studio and Miramax. Paramount has entered into an exclusive, long-term distribution agreement for Miramax’s film library and a first-ling agreement allowing Paramount to develop television projects based on Miramax intellectual property.

“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,” said Nasser Al-Khelaifi, chairman of beIN Media Group. “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.”

Under the terms of the transaction, ViacomCBS will acquire 49% of Miramax from beIN for a total investment of $375 million. That includes an upfront cash payment of about $150 million, along with a commitment to invest $45 million annually over the next five years. Those funds will be used for new film and television productions and working capital.