Viacom and Lions Gate fight for Miramax
Media giants are pursuing deals that can build out their libraries
LOS ANGELES— The race to acquire a stake in Miramax, the once-groundbreaking studio behind films such as Good Will Hunting and Pulp Fiction, is down to two major bidders, according to people familiar with the matter.
Lions Gate Entertainment and the soon-to-be-merged ViacomCBS are going toe-to-toe in pursuing the asset, which was put up for sale by Qatari broadcaster BeIN Media Group, said the people, who asked not to be named because the process is private. Lantern Entertainment, the company formed through the acquisition of Weinstein Co. assets, is no longer in the running, according to the people.
A deal with Viacom would build on that company’s agreement to merge with CBS Corp. last week. But it’s unclear when the Miramax deliberations will conclude. BeIN, best known for its sports and entertainment programming, declined to comment.
The Wall Street Journal previously reported on the sale, saying it would involve a stake of up to 50 per cent and value the company at $650 million (U.S.).
A deal with Lantern would have reunited businesses founded by the disgraced Harvey Weinstein and his brother Bob. The duo started Miramax in1979 and gained a reputation for edgy and critically acclaimed fare, including Sex, Lies and Videotape, Clerks and Shakespeare in Love. Walt Disney Co. acquired the company in 1993, before it changed hands multiple times.
The brothers founded Weinstein Co. in 2005. That business went into bankruptcy after sexual-assault claims were
brought against Harvey Weinstein, and Lantern scooped up the assets.
Media giants are pursuing deals that can build out their libraries of shows and movies — increasingly crucial assets in the insatiable era of streaming services.
The $11.7-billion deal between Viacom and CBS combines the most-watched U.S. broadcast network with the parent of Paramount Pictures and channels like Nickelodeon and MTV. Lions Gate, meanwhile, has been trying to raise capital for the international expansion of its Starz network. Miramax was acquired by BeIN from Colony Capital after a stretch of lean years. The studio is now pursuing a turnaround under chief executive officer Bill Block, the founder of Artisan Entertainment. Last year, it co-produced a remake of Halloween, an attempt to revive the franchise and extend the series.
But its library remains the key prize: It contains more than 700 titles, including four bestpicture Oscar winners.