Miramax has secured a multi-bank revolving credit facility for $300 million led by Bank of America Merrill Lynch and MUFG Union Bank that extends for five years.
The deal was announced Thursday, less than a week before the launch of the Cannes Film Festival, which Miramax executives will attend. It provides financing for the studio to produce and finance four to six films a year as well as deficit finance two to three television series per year, ramping up their slate and providing more strategy for growth.
“We are thrilled to commence a valued partnership with Bank of America Merrill Lynch and MUFG Union Bank,” said Miramax CEO Bill Block. “The credit facility allows Miramax to efficiently finance its current and future production slate as we shift to increase our growth.”
Block and Miramax’s executive VPs of finance Dennis Hands, Jeremy Gross, and David Cragnotti negotiated the deal on behalf of the studio. Randy Hua, senior VP of the Los Angeles-based technology, media, and entertainment group, handled the deal on behalf of Bank of America Merrill Lynch.
“Bank of America Merrill Lynch is proud to support Miramax, a valued client and one of the most successful content companies in the entertainment business,” said Hua. “This credit facility will allow Miramax the flexibility to continue to strategically grow their film and television capabilities with innovative and exciting content.”
Bryan LaCour, head of Union Bank’s entertainment finance team, said, “Union Bank is excited to support Bill’s leadership of Miramax as it endeavors to bolster its premier library assets with an ambition for a robust film and television content creation slate.”
Miramax was sold by its private equity owners in 2016 to beIN Media Group, which owns 100% of the company. BeIN Media Group is a subsidiary of Qatar’s Al Jazeera. Miramax, which is based in Santa Monica, Calif., has a library consisting of nearly 800 titles from the late 1980s to the present.
Miramax was founded in 1979 by Bob and Harvey Weinstein, and was sold to the Walt Disney Company in 1993 — by which time, it had transformed the independent film scene by producing such titles as “Sex, Lies, and Videotape” and “The Crying Game.” During its 17 years as a Disney label, Miramax’s titles included “Pulp Fiction,” “Shakespeare in Love,” and “Good Will Hunting.”
Miramax’s assets were acquired from Disney in 2010 by Filmyard Holdings, consisting of Colony Capital, Tutor-Saliba Corporation, and Qatar Investment Authority. CEO Stephen Schoch stepped down in in late 2016 and was replaced by film finance veteran Block two years ago. Miramax’s recent credits include “Bad Santa 2,” “Bridget Jones’s Baby” and “Mr. Holmes.”