BeIN Media Group has moved to further broaden its interests outside the sports market by acquiring leading US film and television studio Miramax.
Financial terms were not disclosed, but beIN has secured a 100-per-cent stake in Miramax by agreeing a deal with selling shareholders including Qatar Investment Authority and Colony Capital.
Brothers Harvey and Bob Weinstein founded Miramax in 1979 before selling it to the Walt Disney media company in 1993. Disney sold the business to the group including QIA and Colony in 2010 for $660m (€599m).
BeIN in November confirmed it was expanding into entertainment and movie channels whilst launching a new sports channel, 13 HD, in the Middle East and North Africa.
Commenting on the Miramax deal, Nasser Al-Khelaïfi (pictured), chairman and chief executive of beIN Media Group, said: “We are extremely excited to have achieved this key milestone within our strategy. Miramax is a successful film and television company, providing a strong and recognisable brand, a unique library and industry expertise that complement beIN Media Group’s plans to grow across the entertainment industry and develop new content production.”
Steve Schoch, chief executive of Miramax, added: “In concert with beIN leadership, we look forward to further expanding our film and television output, broadening our distribution capabilities and fortifying our position as the premier independent studio brand.”