ViacomCBS and beIN Media Group confirmed the closing of the previously announced Miramax transaction. In detail, ViacomCBS has acquired a 49% stake in the global film and television studio Miramax, while beIN has retained a 51% stake in the company. Miramax’s current leadership team will continue in their existing roles.
ViacomCBS acquired 49% of Miramax from beIN for a total committed investment of $375 million. Approximately $150 million was paid at closing, while ViacomCBS has committed to invest $225 million – comprised of $45 million annually over the next five years – to be used for new film and television productions and working capital.
In addition, Paramount Pictures entered into an exclusive, long-term distribution agreement for Miramax’s film library; and an exclusive, long-term first-look agreement allowing Paramount Pictures to develop, produce, finance and distribute new film and television projects based on Miramax’s IP.
“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,” Nasser Al-Khelaifi, Chairman of beIN Media Group, said in a statement.
“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,” he added.