ViacomCBS entered a definitive agreement with beIN to acquire a 49 percent stake in Miramax for a total investment of $375 million.
beIN will hold the remaining 51 percent stake in the global film and television studio. Miramax’s leadership team will continue on in their positions. The transaction is expected to close in the first quarter of 2020. Paramount Pictures, ViacomCBS’s film and television studio, has also secured an exclusive, long-term distribution deal for Miramax’s library. Paramount has also entered a first-look deal to develop, produce, and distribute new projects based on Miramax’s IP.
Bob Bakish, president and CEO of ViacomCBS, remarked, “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.”