beIN Media Group Acquires Miramax

DOHA: beIN Media Group has acquired 100 percent of Miramax from a consortium of investors that includes Qatar Investment Authority and Colony Capital.

The studio was founded in 1979 by brothers Harvey and Bob Weinstein. The company has a film library that spans more than 700 titles, including The English Patient, Shakespeare in Love, Chicago and No Country for Old Men. This year, Miramax will invest in and co-distribute several feature films, including Bad Santa 2, Bridget Jones’s Baby, Southside With You and The 9th Life of Louis Drax, as well as the television show From Dusk Till Dawn: The Series, which is heading into its third season.

Nasser Al-Khelaïfi, the chairman and CEO of beIN Media Group, said: “We are extremely excited to have achieved this key milestone within our strategy. Miramax is a successful film and television company, providing a strong and recognizable brand, a unique library and industry expertise that complement beIN Media Group’s plans to grow across the entertainment industry and develop new content production. As part of beIN Media Group, we will support Miramax in continuing to build this exciting platform. We very much look forward to working with the Miramax team.”

“Miramax is one of the most iconic film brands in the world, housing a collection of the most celebrated and valued content libraries and management teams in Hollywood,” said Thomas J. Barrack Jr., founder of Colony Capital. “In 2010, we were given the opportunity to shepherd the creative genius of the Weinsteins and Disney into the 21st century and share their mastery with the world by expanding distribution on a global basis through theatrical, digital and online providers. 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. We are fortunate to have found Nasser Al-Khelaifi and beIN Media Group as the best of global class curator for the purpose of Miramax’s growth and continued legacy.”

Steve Schoch, CEO of Miramax, said: “This is an exciting time in the evolution of our company, and we are thrilled to be a part of beIN Media Group. Miramax’s growing 2016 slate is a testament to the incredible work of the team thus far to build on the proud Miramax legacy. In concert with beIN leadership, we look forward to further expanding our film and television output, broadening our distribution capabilities and fortifying our position as the premiere independent studio brand.”