ViacomCBS has entered into an agreement to acquire a 49% stake in MIRAMAX.

Last December, I brought you the story that despite CEO Bob Bakish denying any major acquisitions post-merger, ViacomCBS were looking to buy a stake in the award-winning studio. That deal has now come to fruition, and according to a press release dated December 20th, the deal is expected to close in the first quarter of this year.

MIRAMAX is the home of four Best Picture Academy Awards, for Chicago, Shakespeare in Love, The English Patient and No Country for Old Men. They’re also the studio behind Pulp Fiction, Clerks, Scream, and Strictly Ballroom: a diverse portfolio with broad appeal. ViacomCBS’s deal will see them gain distribution rights and the opportunity to create new projects based on MIRAMAX’s existing properties.

Quoting the press release: “Drawing on the strength of Paramount Pictures – ViacomCBS’ historic film and television studio – this investment in MIRAMAX will create synergies and other valuable opportunities through both new production and co-financing opportunities in film and TV, and the combined distribution of both new and existing library content. [...] In addition, Paramount Pictures has entered into an exclusive, long-term distribution agreement for MIRAMAX’s film library; and an exclusive, long-term first-look agreement allowing Paramount Pictures to develop, produce, finance and distribute new film and television projects based on MIRAMAX’s IP.”

MIRAMAX is currently owned by Qatari firm beIN MEDIA GROUP. Under the terms of the agreement, ViacomCBS will pay $150 million upfront for the deal, with another $45 million annually over the next five years, which will be used for new film and television productions and working capital.

Of the final deal, Bakish said, “MIRAMAX is a renowned global studio, responsible for some of the most iconic films of the last three decades [...] This partnership with beIN will be a unique opportunity to gain access to a valuable library, deepening our already substantial pool of IP at a time when demand for premium content is only accelerating. We look forward to working closely with the MIRAMAX management team as we explore new ways to deliver its titles across a variety of platforms and create new, compelling projects.”