Media company ViacomCBS Inc. said on Friday it would take a 49-per-cent stake in film studio Miramax, owned by Qatar’s BeIN Media Group, for US$375-million.
Miramax, founded in 1979 by Bob and Harvey Weinstein, is the producer behind cult movies such as Pulp Fiction and owns the rights to hundreds of Hollywood films including Bridget Jones’ Diary and The English Patient.
ViacomCBS said the deal includes upfront cash payment of about US$150-million, along with a commitment to invest US$45-million annually over the next five years, which will be used for new
film and television productions, as well as for working capital.
Paramount Pictures, owned by ViacomCBS, also entered an exclusive, long-term distribution agreement for Miramax’s film library on Friday.
CBS and Viacom, both owned by the Redstone family, began trading as a combined company on Dec. 5.