ViacomCBS Buys 49% of Miramax
CBJ — Media giant ViacomCBS is acquiring a 49% stake in film studio Miramax, owned by Qatar’s BeIN Media Group. The 49% ownership comes with a price-tage of $375 million.
Miramax was founded 40 years ago by Bob and Harvey Weinstein and is most known for such movies as “Pulp Fiction” and owning the rights to such films as “Bridget Jones’ Diary” and “The English Patient”.
The sale includes $150 million in cash and a promise to invest $45 million annually over the next five years, which is expected to be used primarily as working capital.
Paramount Pictures, owned by ViacomCBS, also entered an exclusive, long-term distribution agreement for Miramax’s film library.
CBS and Viacom, both owned by the Redstone family, began trading as a combined company on December 5.