Bob Bakish, CEO, Viacom
Scott Mlyn | CNBC
ViacomCBS announced Friday that it’s taking a 49% stake in Miramax for $375 million.
Miramax is owned by Qatar-based worldwide media firm beIN Media Group, which is able to retain a 51% stake in Miramax. The deal is predicted to shut within the first quarter of 2020.
ViacomCBS will achieve entry to Miramax’s library of 700-plus titles, corresponding to “Pulp Fiction,” “Good Will Hunting,” “Chicago” and “No Country for Old Men.” ViacomCBS mentioned the funding will result in “new production and co-financing opportunities in film and TV,” together with new distribution alternatives.
In reference to the deal, ViacomCBS mentioned its movie and TV studio Paramount Pictures has entered right into a long-term distribution settlement for Miramax’s movie library, together with a long-term first-look settlement that can allow Paramount Pictures to “develop, produce, finance and distribute new film and television projects” utilizing Miramax’s mental property. ViacomCBS and beIN may even discover different strategic partnership alternatives globally, the businesses mentioned in a press release.
Under the phrases of the deal, ViacomCBS can pay beIN an upfront money fee of $150 million, along with investing $45 million yearly over the subsequent 5 years for “new film and television productions and working capital.”
Miramax was based in 1979 by Bob Weinstein and Harvey Weinstein. The firm was later offered to Disney in 1993, with the Weinstein brothers leaving to type the Weinstein Company in 2005. The Weinstein Company filed for bankruptcy in March 2018 after it failed to seek out new patrons or traders and ex-Chairman Harvey Weinstein was accused of sexual assault and misconduct by a number of ladies.