Television

ViacomCBS buys 49% of Miramax

Both will seek more strategic partnerships in content production, distribution

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MUMBAI: ViacomCBS will acquire a 49 per cent stake in Miramax, the Los Angeles-headquartered entertainment company which has been into production and distribution of films and TV shows. beIN Media Group-owned Miramax Films is a renowned global studio with some of the iconic films in its kitty, which include No Country for Old Men, Pulp Fiction, Good Will Hunting, and Kill Bill.

Under the deal, ViacomCBS will make a cash payment of around $150 million. Also, it will invest $45 million per year over the next five years, totalling $225 million, as working capital for new film and TV productions.

Both BeIN and ViacomCBS would seek more strategic partnership opportunities in content production and distribution. The deal gives the duo further opportunities for combined distribution of new and old library content.

Miramax leadership will remain the same.

ViacomCBS CEO Bob Bakish 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. 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."

Said Nasser Al-Khelaifi, chairman of BeIN: "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."

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