Miramax Sold to BeIN Media Group
Qatar Investment Authority and Colony Capital have sold their shares in the company, originally founded by Bob and Harvey Weinstein.
Miramax and that company’s library over more than 700 films have been sold to The BeIN Media Group, the two companies announced Wednesday. Terms of the sale were not disclosed.
Shareholders selling their stake in Miramax included Qatar Investment Authority and Colony Capital.
BeIN, which was founded in 2014, is headquartered in Doha, Qatar, and has holdings in sports and entertainment programming, including the BeIN Sports network and the BeIn Movies channels.
Miramax's current executive team, headed by CEO Steve Schoch, are expected to remain in place under the new owners.
The legendary independent film company, which was founded in 1979 by Bob and Harvey Weinstein and built its reputation with films like Sex, Lies and Videotape, The Crying Game and Pulp Fiction, was acquired by the Walt Disney Company in 1993. The Weinsteins themselves left the company in 2005, and in 2010, it was sold for $660 million to an investment group that included Colony and Qatar. Headed by Colony's Tom Barrack, the current incarnation of Miramax hired Morgan Stanley and began looking for a buyer last fall.
In announcing the sale, Nasser Al-Khelaifi, chairman and CEO of BeIN Media Group, said, "As part of BeIN Media Group, we will support Miramax in continuing to build the exciting platform. We very much look forward to working with the Miramax team."
Barrack added, "By riding the secular wave into online streaming, we successfully returned our partners' capital many times over and safeguarded the passion, dedication and hard work of the library's true artistic masters. Colony has done its job in repositioning the company to independent prominence and profitability as not only a library but a renowned producer of independent film and television. Our sale to BeIN will provide not only stewardship for these irreplaceable films, but a best of class strategic owner focused on expansion of production and the betterment of the Miramax brand."
Miramax currently has plans to invest in or co-distribute such upcoming films as Bad Santa 2, Bridget Jones's Baby, Southside With You and The 9th Life of Louis Drax, as well as the TV series From Dusk to Dawn.
Irell & Manella represented Miramax in the transaction, with Sullivan & Cromwell representing the holding company and Latham & Watkins repping BeIN.