The media giant ViacomCBS has acquired a 49% stake in Miramax; the other 51% remains to the parent company beInMedia Group.
The agreement, of $375 million in total, provides for: new film investments, television productions and current capital, as well as maintaining the nominations of Miramax top management.
One of the most significant contributions of ViacomCBS’s participation is given by its Paramount Pictures, which has signed exclusive long-term first-run agreements for the development, production and financing of new audiovisual projects, as well as long-term distribution end of the Miramax film library contents.
One of Paramount’s first proposals is, in fact, the development of the Grease prequel and the production of a spin-off series of the classic musical for HBO Max.
About the agreement, ViacomCBS President and CEO Bob Bakish declared: “this partnership with beIN will be a unique opportunity to gain access to a valuable library, deepening our already substantial pool of IP at a time when demand for premium content is only accelerating. We look forward to working closely with the Miramax management team as we explore new ways to deliver its titles across a variety of platforms and create new, compelling projects.”