ViacomCBS (merger between Viacom and CBS, effective in early December 2019) has announced that it has entered into an agreement with beIN Media Group to acquire a 49% stake in Miramax, a global film and television studio up to now solely owned by beIN, which will keep a 51% stake. This strategic investment is expected to close in the first quarter of 2020.

This agreement “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,” explained ViacomCBS and beIN in a press release.

According to information provided by both companies, ViacomCBS will pay beIN USD 150 million cash and it will invest USD 45 million annually over the next five years, (a total of USD 225 million) to be allocated to new film and television productions and working capital.