ViacomCBS Makes an Investment in MIRAMAX

The move adds 700 movie titles to its distribution roster and offers new opportunities for content development.
ViacomCBS’ agreement to acquire a minority stake in MIRAMAX has two clear upsides for the conglomerate: It provides an expanded library of films to distribute and a new partner in the world of premium content production.
The agreement with MIRAMAX owner beIN Media Group, announced earlier today, gives ViacomCBS 49% of MIRAMAX for a total investment of $375 million. That sum includes an upfront cash payment of approximately $150 million, along with a commitment to invest $45 million annually over the next five years for new film and television productions and working capital.
The deal means that ViacomCBS will have exclusive, long-term distribution rights to MIRAMAX’s catalog—adding more than 700 titles (68 of which are Oscar® winners) to Paramount Pictures’ existing library of 3,600 films.
As well, Paramount will have a long-term, first-look agreement to develop, produce, finance, and distribute new film and television projects based on MIRAMAX’s IP. That means it could revisit classic MIRAMAX movies for new formats and platforms, as Paramount has done with its library. For example, Paramount Pictures is developing a prequel to its classic 1978 film Grease and Paramount Television is producing a spinoff series for HBO Max.
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.
Bob Bakish
President and CEO, ViacomCBS
Beyond maximizing library content, the agreement enables ViacomCBS to co-finance and distribute new productions in film and television under the MIRAMAX banner. ViacomCBS can also explore other strategic partnership opportunities with beIN across recreation and live events globally.
“MIRAMAX is a renowned global studio, responsible for some of the most iconic films of the last three decades, including Pulp Fiction, Good Will Hunting, Kill Bill and more,” said Bob Bakish, President and CEO of ViacomCBS, in the release. “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.”
Overall, the news underscores recent comments Bakish made regarding the direction of ViacomCBS—that it will be, at its core, a content company.
It also reinforces comments Bakish made on the topic of acquisitions. “We’ll be opportunistic,” he said at Vanity Fair’s New Establishment Summit in October. “The combined company produces very substantial cash flow. We can use that cash flow for a variety of purposes. We have more than enough in terms of investing in our business and continuing to create more and more high-quality content.”

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