Qatar’s beIN Media group announced that it has wholly acquired global film studio Miramax from Qatar Investment Authority and Colony Capital.
The financial details of the transaction were not disclosed.
Miramax will invest in and co-distribute several upcoming feature films this year including Bad Santa 2, Bridget Jones’s Baby, Southside With You and The 9th Life of Louis Drax.
The studio is also working on the television show From Dusk Till Dawn: The Series heading into its third season.
Last year, Miramax released the Kevin Hart comedy The Wedding Ringer with Sony-Screen Gems and independent film Mr. Holmes starring Sir Ian McKellen and Laura Linney.
The studio’s library also holds over 700 titles that collectively have garnered 278 Academy Award nominations and 68 Oscars, including The English Patient, Shakespeare in Love, Chicago and No Country for Old Men.
Other popular titles include Pulp Fiction, Good Will Hunting, Bridget Jones's Diary, the Screamfilm franchise, Kill Bill Vol. 1 and 2, and The Aviator.
Chairman and chief executive officer of beIN Media Nasser Al-Khelaifi said: "Miramax is a successful film and television company, providing a strong and recognisable brand, a unique library and industry expertise that complement beIN Media’s plans to grow across the entertainment industry and develop new content production.”
Founder of Colony Capital Thomas J Barrack, Jr added: “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.
“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.
“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.”
Qatar’s beIN Media has been rapidly expanding across the world and is currently present in France, Spain, the United States, Canada, Indonesia, the Philippines, Hong Kong, Thailand, Australia and in 24 countries across the Middle East and North Africa region.
It includes the beIN Sports network, beIN Movies channels and it is also involved in pay-tv distribution.
Earlier this year, beIN also signed a deal with Turner to bring channels Cartoon Network, Boomerang, TCM, CNN HD and HLN to the MENA region.
By Aarti Nagraj