ViacomCBS has announced that it has entered into an agreement with beIn Media Group to acquire a 49 percent stake in film and television studio Miramax. The deal with see beIN retain a 51 percent stake in Miramax, and Miramax’s current executive team will continue to lead the company. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2020.
Under the terms of the deal, ViacomCBS will acquire 49 percent 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.
“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.”
In addition, Paramount Pictures has entered into an exclusive, long-term distribution agreement for Miramax’s film library and an exclusive, long-term first-look agreement that allows Paramount Pictures to develop, produce, finance and distribute new film and television projects based on Miramax’s IP. BeIn and ViacomCBS will explore other partnership opportunities across content production and distribution, live events and recreation globally.
“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.”