Viacom Inc. has emerged as the front-runner to acquire a stake in Miramax LLC from Qatar Media Corp.-owned beIN Media Group LLC, Bloomberg News reported, citing sources.
If an agreement is met, the deal may reach at least $100 million.
Meanwhile, Lions Gate Entertainment Corp. reportedly withdrew from the bidding process and will focus on its core business instead. Spyglass Media Group LLC also dropped out of the process earlier.
Discussions are still ongoing and a deal between Viacom and Miramax remains uncertain.
