ViacomCBS has invested US$ 375 million to acquired a 49% stake in the film and TV studio. In addition, Paramount Pictures entered into an exclusive distribution deal for Miramax’s film library.
ViacomCBS and beIN Media Group announced the closing of the previously announced Miramax transaction.
ViacomCBS has thus completed the acquisition of a 49% stake in Miramax, the global film and television studio, while beIN retains a 51% stake in the company.
ViacomCBS has invested US$ 375 million for the deal. Approximately US$150 million was paid at closing, while ViacomCBS has committed to invest UD$225 million – comprised of US$45 million annually over the next five years – to be used for new film and television productions and working capital.
Miramax’s current leadership team will continue in their existing roles.
In addition, Paramount Pictures entered into an exclusive, long-term distribution agreement for Miramax’s film library; and an exclusive, long-term first-look agreement allowing Paramount Pictures to develop, produce, finance and distribute new film and television projects based on Miramax’s IP.
Moelis & Company served as exclusive financial advisor to beIN, while Skadden, Arps, Slate, Meagher & Flom served as legal counsel. Guggenheim Securities served as exclusive financial advisor to ViacomCBS, while O’Melveny & Myers served as legal counsel.