ViacomCBS Inc. and beIN MEDIA GROUP yesterday announced the closing of the previously announced MIRAMAX transaction. ViacomCBS has acquired a 49% stake in MIRAMAX, the global film and television studio, while beIN retains a 51% stake in the company. MIRAMAX’s current leadership team will continue in their existing roles.
ViacomCBS acquired 49% of MIRAMAX from beIN for a total 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 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.