ViacomCBS said it has completed the purchase of a 49% interest in movie and television studio Miramax from beIN Media Group for about $375 million.
ViacomCBS first announced the deal in December. BeIn Media retains a 51% interest in the studio. The Miramax leadership team will remain intact and in their current roles.
According to ViacomCBS, it paid about $150 million at closing and has committed to invest $225 million ($45 million annually over the next five years) to be used for new film and television productions and working capital.
In addition, ViacomCBS’s Paramount Pictures entered into an exclusive, long-term distribution agreement for Miramax’s film library. Paramount also has an exclusive, long-term first-look agreement allowing it to develop, produce, finance and distribute new film and television projects based on Miramax’s intellectual property.
“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," beIN Media Group chairman Nasser Al-Khelaifi said in a statement. "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.”
Moelis & Company served as exclusive financial advisor to beIN, while Skadden, Arps, Slate, Meagher & Flom served as legal counsel. Guggenheim Securities served as exclusive financial advisor to ViacomCBS, while O’Melveny & Myers served as legal counsel.
