ViacomCBS has closed its deal with beIN Media Group to acquire a 49 percent stake in film and television studio Miramax.

The agreement was previously announced in December. It will see beIN retain a 51 percent stake in Miramax, and Miramax’s current executive team continue to lead 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,” says Bob Bakish, president and chief executive officer, ViacomCBS. “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.”

Under the terms of the deal, ViacomCBS will acquire its stake in 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 in total, to be used for new film and television productions and working capital.

“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,” says Nasser Al-Khelaifi, chairman, 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.”