ViacomCBS announced today that it bought a 49% stake in Miramax, the movie studio co-founded by disgraced movie producer Harvey Weinstein and his brother Bob 4 decades ago, for $375 million
. Under terms of the acquisition, New York-based ViacomCBS will make an upfront cash payment of $150 million and make yearly investments of $45 million over the next five years. Miramax will continue to be controlled by beIN Media Group of Qatar, which acquired Miramax from a consortium of investors in 2016 for a reported $1 billion.
According to the companies, having ViacomCBS' Paramount film and television studio join forces with Miramax will"create synergies and other valuable opportunities through both new production and co-financing opportunities in film." The companies also have agreed to another agreement allowing Paramount to develop, produce, finance, and distribute new film and television projects based on Miramax's intellectual property. Other joint projects are in the works.
"Miramax is a renowned global studio, responsible for some of the most iconic films of the last three decades, including
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