Dec. 20 (UPI) — ViacomCBS announced Friday it has agreed to purchase a 49 percent stake in film studio Miramax for $375 million.
The Qatar company that owns Miramax, beIn Media Group, will maintain a 51 percent controlling stake in the film company. The arrangement will keep the current management at Miramax.
“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 Bob Bakish, president and CEO of 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.”
The deal is expected to be finalized in the first quarter of 2020.
Under the terms of the deal, ViacomCBS will pay $150 million cash up front and invest another $45 million annually over the next five years.
Additionally, Paramount Pictures, ViacomCBS’ studio, will enter into an exclusive, long-term distribution agreement with Miramax and its film library.
Nasser Al-Khelaifi, chairman of beIn Media Group, said the investment will “substantially” increase the scale of the company’s entertainment business.
