April 3, 2020
ViacomCBS April 3 announced the closing of the previously announced deal for a 49% ownership stake in Miramax from beIN Media Group, which retains 51% majority ownership.
ViacomCBS, which owns and operates Paramount Pictures and Pluto TV, among other assets, plans to utilize the Miramax catalog (Pulp Fiction, Kill Bill, Good Will Hunting, etc.) throughout its digital distribution channels. Miramax’s current leadership team will continue in their existing roles.
ViacomCBS acquired the 49% stake for committed investment 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.
In addition, Paramount Pictures entered into an exclusive, long-term distribution agreement for Miramax’s content 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.
Miramax was founded in 1979 by brothers Bob and Harvey Weinstein, and was a major independent movie distribution and production company before it was acquired by The Walt Disney Company in 1993.
Bob and Harvey Weinstein continued to operate Miramax until they left the company named after their mother, Miriam, in 2005, to start The Weinstein Company. That latter subsequently entering into a short-lived home entertainment distribution deal with Genius Products, headed by former Trump Administration official Steve Bannon.
In 2018, TWC and Genius settled a lawsuit with Weinstein paying now shuttered Genius Products a $2.5 million settlement.