ViacomCBS has reached an agreement to acquire a 79% stake in Miramax from Qatar-based owner Bein Media Group for a total of $ 375,000,000.
The deal calls for ViacomCBS to pay $ 150,000 in cash upfront, plus a commitment to invest $ 75,000,000 a year for five years for new film and TV projects and working capital funds. ViacomCBS ‘Paramount Pictures gets a special long-term deal for the worldwide distribution rights to the Miramax library of about 600 films. The partners will also work together on developing new projects and reboots and revival of titles from Miramax Vault.
ViacomCBS President-CEO Bob Bakhshish said, “Miramax is a well-known 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. “This partnership with beIN will be a unique opportunity to gain access to a valuable library, strengthening our already substantial pool of IPs at a time when premia Demand for the material is only booming. We look forward to working closely with the Miramax management team as we explore new ways to deliver our titles on various platforms and create new, compelling projects.
Bein Media Group chairman Nasser al-Khelaifi said the sale was not a reduction from Hollywood but a reinforcement of the company’s desire to develop its own entertainment operations. BeIN Media began as the sports arm of the property Al Jazeera, but the company is now a separate entity. Bein Media acquired Miramax from private equity owners in 2016. The company sees the ViacomCBS deal as a win in bringing it into a partner with strategic assets that can grow the company while still allowing BeIN Media to retain a slim majority stake. Bein Media is said to have an appetite for additional content acquisition.
Al-Khelifi said, “It represents a significant investment and support in our thriving Miramax business, which has grown in value under the ownership of the Bein Media Group and has a bright future ahead with significant new films and untapped premium plays Is. “We are thrilled to partner with ViacomCBS and Paramount to explore more opportunities around Miramax’s iconic IP, and also At group level; While substantially increasing the scale of our entertainment business. The deal further underscores beIN’s ambitions globally — we are very proud to position ourselves as one of the leading groups in sports, entertainment, and media.
The partners stated that BeIN Media intends to retain the remaining 51% of Miramax. The current management team of the studio headed by the film biz veteran Bill Block will continue to lead the company. The deal is expected to close in the first quarter of next year.
Miramax was dormant for years amid ownership reshuffle. Still, the studio re-emerged noticeably last year with the successful re-launch of the “Halloween” horror franchise under Block’s direction. Next, the Miramax family drama “Uncle Frank” is set to premiere at Sundance next month, and the crime dramedy “Gentlemen,” starring Matthew McConaughey and Hugh Grant, also crouch next month. “Gentlemen” is the first of a two-picture agreement with director Guy Ritchie.
Carlos Jimenez and Skadden Arps of Mollis & Co. represented Bein Media Group in the sale. Guggenheim Securities and O’Melveny & Myers served ViacomCBS.
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