ViacomCBS had committed to a total investment of 375m last year for a 49% stake in Miramax.
ViacomCBS and beIN Media Group have concluded a previously announced transaction, according to which ViacomCBS will have a 49% stake in Miramax, the global film and television studio for $375m. BeIN retains a 51% stake in the company. Miramax’s current leadership team will continue in their existing roles.
ViacomCBS paid approximately $150m while closing the deal and has committed to invest $225m – which comprises $45m annually over the next five years – to be used for new film and television productions and working capital.
In addition, Paramount Pictures has entered into an exclusive, long-term distribution agreement for MIRAMAX’s film library; and an exclusive, long-term first-look agreement. The deals will allow Paramount Pictures to develop, produce, finance and distribute new film and television projects based on MIRAMAX’s IP.
Moelis & Company served as exclusive financial advisor to beIN, while Skadden, Arps, Slate, Meagher & Flom served as legal counsel. Guggenheim Securities was the exclusive financial advisor to ViacomCBS, while O’Melveny & Myers was legal counsel.
Acquired by beIN Media Group and headquartered in Los Angeles, Miramax is a global film and television studio best known for its award-winning and original content. The Miramax library contains more than 700 titles including Best Picture Oscar winners The English Patient, Chicago, Shakespeare in Love and No Country for Old Men.
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.”