Media company ViacomCBS Inc said on Friday it would take a 49% stake in film studio Miramax, owned by Qatar’s BeIN Media Group, for $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 $150 million, along with a commitment to invest $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.
Source: Reuters.com