BeIN Media Group has acquired Miramax Films from a group of investors, including the Qatar Investment Authority and Colony Capital – an American private-equity firm – for an undisclosed amount. The Doha-headquartered broadcaster currently operates sports networks and movie channels in 24 countries such as US, France, Hong Kong and Australia.
The acquisition will help beIN broaden its offerings as it will now get access to more than 700 titles of Miramax Films, which include award winners such as No Country For Old Men and commercial hits such as the Scream franchise.
Nasser Al-Khelaïfi, BeIN chairman and chief executive at beIN said, "[This compliments our] plans to grow across the entertainment industry and develop new content production". In 2016, BeIN said that the acquired studio plans to invest in and co-distribute feature films such as "Bad Santa 2" and "Bridget Jones's Baby."
While, chief executive at Miramax Steve Schoch said, "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."
This is not the first time that the California, US headquartered studio has changed hands. Miramax was founded by Bob and Harvey Weinstein in 1979. The brothers sold it to Disney in 1993, which then sold the studio to a consortium of investors, including Colony and Qatar Investment Authority in 2010 for $660m (£468.87m, €607.73m).
With regards to the current sale, Barrack, founder and chief executive of Colony said, "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."
"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," he added.