ViacomCBS, beIN complete Miramax transaction
Details
Editor
| 05 April 2020

It may seem that virtually all deals in the broadcast and production industry have been put on hold during the global Covid-19 pandemic but ViacomCBS has got its deal to take a near-half stake in Miramax over the line.

Under the terms of the transaction that was first announced in December 2019, ViacomCBS is acquiring 49% of Miramax from beIN for a total investment of $375 million, including an upfront cash payment of approximately $150 million, along with a commitment to invest $45 million annually over the next five years, or $225 million, to be used for new film and TV productions as well as working capital.

The global film and television studio has a slate including more than 700 titles, 278 Academy Award nominations and 68 Oscars including four Best Picture awards for Chicago, Shakespeare In Love, The English Patient, and No Country For Old Men. ViacomCBS sees the investment as creating synergies and other opportunities through both new production and co-financing opportunities in film and TV as well as the combined distribution of both new and existing library content.

For its part, Miramax gains availability to the Paramount Pictures content library including more than 3,600 films and its global distribution infrastructure, marketing resources and production expertise. Paramount Pictures now has a long-term first-look agreement allowing it to develop, produce, finance and distribute new film and television projects based on Miramax’s IP.

Miramax’s current leadership will continue to lead the company while beIN Media and ViacomCBS have committed to explore other strategic partnership opportunities across content production and distribution, live events and recreation globally.

Moelis & Company served as exclusive financial advisor to beIN in the deal, 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.