ViacomCBS: completes acquisition of 49% of Miramax

(CercleFinance.com) - Newly formed media group ViacomCBS on Monday said it has completed the acquisition of 49% of film studio Miramax from beIN for 375 million dollars.


From this amount, approximately 150 million dollars was paid on the closing, while ViacomCBS has committed to invest 225 million dollars - or 45 million dollars annually over the next five years - to be used for new film and television productions and working capital.

In addition, Viacom's Paramount Pictures has entered into an exclusive, long-term distribution agreement for Miramax's film library, which includes rights in over 700 movies including "Pulp Fiction" and "Shakespeare in Love".

Founded by the Weinstein brothers, Miramax has failed to come up with any blockbusters of late.

However, its most recent success, Guy Ritchie's "The Gentlemen" starring Matthew McConaughey, Colin Farrell and Hugh Grant, has taken in over 100 million dollars worldwide.

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