The move adds 700 movie titles to its distribution roster and offers new opportunities for content development.
ViacomCBS has announced that the company has entered into a definitive agreement with beIN Media Group to acquire a 49% stake in MIRAMAX, a film and television studio, for a total investment of $375 million.
ViacomCBS’ agreement to acquire a minority stake in MIRAMAX provides the media conglomerate an expanded library of films to distribute and a new partner in the world of premium content production.
The deal includes an upfront cash payment of approximately $150m, along with a commitment to invest $45 million annually over the next five years for new film and television productions and working capital.
The deal will give ViacomCBS exclusive, long-term distribution rights to MIRAMAX’s catalog—adding more than 700 titles to Paramount Pictures’ existing library of 3,600 films.
Paramount will also have a long-term, first-look agreement to develop, produce, finance, and distribute new film and television projects based on MIRAMAX’s IP. That means it could revisit classic MIRAMAX movies for new formats and platforms, as Paramount has done with its library.
Beyond maximising the library content, the agreement enables ViacomCBS to co-finance and distribute new productions in film and television under the MIRAMAX banner.
Commenting on the deal, Bob Bakish, President and CEO of ViacomCBS, said: “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.”
“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. 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,” Bob Bakish added.
