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Update: ViacomCBS to buy 49% stake in Miramax for $375M

ViacomCBS Inc. reached an agreement with Qatar-based beIN Media Group LLC to acquire a 49% stake in global film and television studio Miramax LLC for $375 million.

Under the agreement, ViacomCBS will make an upfront cash payment of about $150 million, along with a commitment to invest $45 million annually over the next five years, or $225 million, to be used for new film and television productions and working capital, according to a Dec. 20 company release.

The transaction is subject to customary closing conditions and is anticipated to close in the first quarter of 2020.

In addition, Paramount Pictures Corp. entered into an exclusive, distribution agreement for Miramax's film library, along with and a first-look agreement allowing Paramount Pictures to develop, produce, finance and distribute new film and television projects based on Miramax's IP. BeIN and ViacomCBS will explore other strategic partnership opportunities across content production and distribution, live events and recreation globally.

ViacomCBS reportedly resumed talks to acquire a stake in Miramax in early December after abandoning discussions in November.

Moelis & Co. is serving as exclusive financial adviser to beIN Media Group, while Skadden, Arps, Slate, Meagher & Flom is serving as legal counsel. Guggenheim Securities is serving as exclusive financial adviser to ViacomCBS, while O’Melveny & Myers is serving as legal counsel.