ViacomCBS said on Friday that it has finalized its acquisition of a 49% stake in film and TV studio Miramax.
BeIN Media Group will retain the remaining 51% stake in the company. The two said that Miramax’s current leadership team will continue in their existing roles.
ViacomCBS acquired its stake in Miramax from beIN for a total of $375 million. Approximately $150 million was paid at closing, while ViacomCBS has committed to invest $225 million — comprised of $45 million annually over the next five years — to be used for new film and television productions and working capital.
“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...
BeIN Media Group will retain the remaining 51% stake in the company. The two said that Miramax’s current leadership team will continue in their existing roles.
ViacomCBS acquired its stake in Miramax from beIN for a total of $375 million. Approximately $150 million was paid at closing, while ViacomCBS has committed to invest $225 million — comprised of $45 million annually over the next five years — to be used for new film and television productions and working capital.
“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...
- 4/3/2020
- by Trey Williams
- The Wrap
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