Gulf group acquires US studio for undisclosed sum
Qatars beIN Media Group has acquired 100 per cent of Miramax, the Los Angeles-based film and television studio.
The group, which operates sports networks and movie channels, acquired Miramax for an undisclosed amount. Selling shareholders include US investment firm Colony Capital and Qatar Investment Authority, the countrys sovereign wealth fund.
The US Walt Disney Company, the previous owners of Miramax, sold the company in 2010 for $660m to the investor consortium.
Commenting on the announcement, Nasser al-Khelaïfi, chairman and CEO 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 complements beIN Media Groups plans to grow across the entertainment industry and develop new content production. As part of beIN Media Group, we will support Miramax in continuing to build this exciting platform.
Miramax, founded in 1979, has an extensive library that holds more than 700 titles. These collectively have garnered 278 Academy Award nominations and 68 Oscars, including Best Picture winner No Country For Old Men.
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