Dec 20, 2019
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."
President and CEO, ViacomCBS