ViacomCBS and Qatar-based beIN Media Group have reported the closing of the Miramax transaction, which was announced in early January. In this way, ViacomCBS has acquired 49% Miramax stake and beIN keeps the remaining 51% stake. “Miramax’s current leadership team will continue in their existing roles,” the companies reported in a statement.
“In addition, Paramount Pictures (Editor’s Note: owned by ViacomCBS) entered into an exclusive, long-term distribution agreement for Miramax’s film library; and an exclusive, long-term first-look agreement allowing Paramount Pictures to develop, produce, finance and distribute new film and television projects based on Miramax’s intellectual property,” according to the press release.
ViacomCBS has paid beIN USD 150 million cash and it has promised to invest USD 45 million annually over the next five years (a total of USD 225 million), to be used for new film and television productions and working capital.