In 2016, Miramax will invest in and co-distribute several feature films including “Bad Santa 2”, “Bridget Jones’s Baby”, and “Southside With You”, a film based on Barack and Michelle Obama’s first date in Chicago in 1989.
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The deal includes 100 percent of the famed indie studio, notably their catalog of more than 700 films, such as Shakespeare in Love and No Country for Old Men.
In January, Chinese conglomerate Wanda Group said it is buying Legendary Entertainment, the USA studio behind Hollywood blockbusters including Jurassic World and Godzilla, for $3.5 billion.
Miramax was purchased for more than ten times that amount in 2010 by a group of investors led by real estate magnate Ron Tutor, associated with the firm Colony Capital and Qatar Investment Authority.
“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”.
The studio is also working on the television show From Dusk Till Dawn: The Series heading into its third season. The Doha-headquartered broadcaster now operates sports networks and movie channels in 24 countries such as US, France, Hong Kong and Australia.
Digital TV Research recently forecasted that owning exclusive content would soon become the critical factor in driving pay TV subscriptions in the Middle East and North Africa region. Headed by Colony’s Tom Barrack, the current incarnation of Miramax hired Morgan Stanley and began looking for a buyer last fall.
BeIN is run by Qatari executive Nasser Al-Khelaifi, who said he expected to use Miramax and its assets to expand in entertainment and content production.
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In a statement, Steve Schoch, CEO of Miramax, said: “Miramax’s growing 2016 slate is a testament to the incredible work of the team thus far to build on the proud Miramax legacy”. “We will support Miramax in continuing to build this exciting platform”.
