beIN MEDIA GROUP has confirmed the purchase of Miramax from previous owners, Qatar Investment Authority (QIA) and Colony Capital, BroadcastPro ME can reveal. Miramax will continue to operate as an independent film and television studio under the new ownership. Commenting on the transaction, Nasser Al-Khelaïfi, Chairman and Chief Executive Officer of beIN MEDIA GROUP, said: […]
beIN MEDIA GROUP has confirmed the purchase of Miramax from previous owners, Qatar Investment Authority (QIA) and Colony Capital, BroadcastPro ME can reveal. Miramax will continue to operate as an independent film and television studio under the new ownership.
Commenting on the transaction, Nasser Al-Khelaïfi, Chairman and Chief Executive Officer of beIN MEDIA GROUP, said: We are extremely excited to have achieved this key milestone within our strategy. Miramax is a successful film and television company, providing a strong and recognisable brand, a unique library and industry expertise that complement beIN MEDIA GROUPs plans to grow across the entertainment industry and develop new content production.
As part of beIN MEDIA GROUP, we will support Miramax in continuing to build this exciting platform. We very much look forward to working with the Miramax team.
In 2016, Miramax will invest in and co-distribute several upcoming feature films including Bad Santa 2, Bridget Joness Baby, Southside with You, and The 9th life of Louis Drax, as well as the television show From Dusk Till Dawn: The Series heading into its third season. Last year MIRAMAXs slate included Mr. Holmes, which is said to be one of the years most successful independent films, and the comedy hit The Wedding Ringer
Miramax also claims to have a library of more than 700 titles that have collectively amassed 278 Academy Award nominations and 68 Oscars, including Best Picture winners The English Patient, Shakespeare in Love, Chicago and No Country for Old Men.
Speaking about the studio, Thomas J. Barrack, Jr., founder of Colony Capital said: Miramax is one of the most iconic film brands in the world, housing a collection of the most celebrated and valued content libraries and management teams in Hollywood. In 2010, we were given the opportunity to shepherd the creative genius of the Weinsteins and Disney into the 21st century and share their mastery with the world by expanding distribution on a global basis through theatrical, digital and online providers. By riding the secular wave into online streaming, we successfully returned our partners capital many times over and safeguarded the passion, dedication and hard work of the librarys true artistic masters. Colony has done its job in repositioning the company to independent prominence and profitability as not only a library but a renowned producer of independent film and television. Our sale to beIN will provide not only stewardship for these irreplaceable films but a best of class strategic owner focused on expansion of production and the betterment of the Miramax brand. We are fortunate to have found Nasser Al-Khelaifi and BeIN Media Group as the best of global class curator for the purpose of Miramaxs growth and continued legacy.
Steve Schoch, CEO of Miramax added that under the new ownership, he looked forward to further expanding our film and television output, broadening our distribution capabilities and fortifying our position as the premiere independent studio brand.
