Miramax was founded by Harvey and Bob Weinstein in 1979, but they left to form Weinstein Co.
The newly recombined ViacomCBS is poised to own nearly half of the studio behind some of the biggest indie film hits of the ’90s and 2000s.
ViacomCBS, which owns the Paramount Pictures movie studio and TV channels including MTV and Comedy Central, is expected to make ample use of Miramax’s valuable library, which includes such Oscar winners as “The English Patient” and “No Country for Old Men.” Under terms of the agreement, ViacomCBS will acquire its stake in Miramax from Qatar-based broadcaster beIN Media Group for an upfront cash payment of approximately $150 million, along with $45 million annually for five years to be used for new film and television productions and working capital, the company said.
Miramax is the first studio co-founded by movie mogul Harvey Weinstein and his brother Bob Weinstein. The two launched the studio in 1979 and helped create the playbook for the commercially viable indie movie, dominating the market through the 1990s.The Weinsteins sold Miramax, named for their parents Miriam and Max, to Walt Disney Co. in 1993 and left in 2005 after a bitter dispute with Disney to form Weinstein Co. in New York.
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