Based beIN buys 100 per cent of Miramax film studio

Mar 03, 2016, 13:56
Based beIN buys 100 per cent of Miramax film studio

Terms of the deal were not disclosed in a statement announcing the purchase late Wednesday. The Doha-headquartered broadcaster now operates sports networks and movie channels in 24 countries such as US, France, Hong Kong and Australia.

Founded by the Weinstein brothers in 1979, Miramax defined the independent film scene in the '80s and early '90s thanks to the success of cross-over hits like sex, lies, and videotape and Reservoir Dogs. Sullivan & Cromwell represented the holding company, and Latham & Watkins represented beIN Media Group.

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The buyers were attracted in part by the company's prestigious archive - 278 Oscar nominations and four best-picture winners, including "No Country for Old Men", among its more than 700 titles.

An investor group that included the Qatar Investment Authority and real-estate financier Tom Barrack-founder of Colony Capital- acquired the Miramax Films label for roughly $660 million from Walt Disney Co.in 2010. "We very much look forward to working with the Miramax team". 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. MIRAMAX's growing 2016 slate is a testament to the incredible work of the team thus far to build on the proud MIRAMAXlegacy.

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In October, BeIN Media said it was positioning itself as the only comprehensive pay-TV entertainment player in the Middle East and North Africa, offering sports, family channels and Hollywood movies.

Miramax, whose headquarters are in Santa Monica, Calif., is behind films including Pulp Fiction, Chicago and The English Patient.

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Miramax now 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.

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