ViacomCBS and beIN Media Group have just announced the closing of the ViacomCBS purchase of a 49% stake in Miramax. beIN Media Group will keep its 51% stake in the company.
This deal was announced back in December 2019. The deal, for $375 million, gives ViacomCBS joint ownership of Miramax’s catalog of 700 titles which have earned 278 Academy Award nominations and 68 Oscars.
“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 when the deal was originally announced. “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.”
Nasser Al-Khelaifi, Chairman of beIN MEDIA GROUP, said “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. 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.”
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