ViacomCBS Close to Deal to Buy Minority Stake in Miramax

Company may invest up to $100 million

Last Updated: December 20, 2019 @ 6:28 AM

ViacomCBS is close to finalizing a deal to purchase a minority stake in Miramax, an individual with knowledge of the matter tells TheWrap.

Representatives for ViacomCBS declined to comment, but the company’s investment in the film studio could be close to $100 million, Variety reported Thursday morning.

If the deal goes through as expected, ViacomCBS would have access to Miramax’s film library, which includes films such as “Pulp Fiction,” “The Crying Game” and “Good Will Hunting,” which could be distributed through Paramount Pictures and CBS. Paramount and ViacomCBS would also fund the development of new projects, including reboots of existing IP.

Founded by Bob Weinstein and Harvey Weinstein in 1979, Miramax was sold to Disney in 1993 with the Weinstein brothers remaining in charge until 2005. They left to form The Weinstein Company, which collapsed in 2018 after more than 100 women accused Harvey Weinstein of sexual assault and misconduct. The company became an indie film powerhouse in the 1990s and 2000s, producing many of the defining films of the era. Disney sold Miramax to a joint venture consisting of Colony NorthStar, Tutor-Saliba Corporation, and Qatar Investment Authority in 2010. That consortium sold Miramax to the beIN Media Group in 2016.

Other hits produced or co-produced by Miramax include the “Bridget Jones” trilogy, “There Will Be Blood,” and “No Country for Old Men.”