Miramax Could Sell to Qatar-Based Group (Report)
Miramax hired Morgan Stanley to help it locate a buyer.
Miramax, the film and TV studio founded by brothers Harvey and Bob Weinstein, could sell the business to BeIN Media Group, a broadcaster in Qatar that was spun off last year from Al Jazeera.
According to Bloomberg, which cited people with knowledge of the matter, billionaire Thomas Barrack Jr. and other Miramax investors have been negotiating with BeIN Media and a deal could come by year's end.
Miramax hired Morgan Stanley to help it locate a buyer. The current owners paid $660 million for the company, which boasts an impressive library of films including Pulp Fiction, Good Will Hunting and Shakespeare in Love. In all, Miramax owns about 700 titles.
Bloomberg reported on Monday that Miramax has held off sending out marketing materials to other prospective buyers while it engages in exclusive talks with BeIN Media.
Miramax, in fact, is already partially owned by an entity called Qatar Investment Authority, since it was part of the group that purchased Miramax from Walt Disney in 2010.
BeIN Media was formed in 2014 as the holding company for BeIN Sports, which was spun out of Al Jazeera Media Network, also based in Qatar.
BeIN Media has channels in 24 countries in the Middle East, Africa, the U.S. and Europe, and its goal is to offer a comprehensive pay TV package of sports, scripted programming and Hollywood movies.
The Weinstein brothers founded Miramax in 1979 and sold it to Disney in 1993. They left Miramax in 2005 and founded The Weinstein Co.
Miramax had no comment. BeIN Media was unavailable for comment.