×
You will be redirected back to your article in seconds

Qatar’s beIN Media Group Seeking to Sell 50% Miramax Stake (Report)

Qatar-based beIN Media Group is seeking to sell up to 50% of Miramax in a deal that would value the studio founded in 1979 by Bob and Harvey Weinstein at $650 million, according to a Wall Street Journal report.

A representative for beIN, contacted by Variety, said the company had no comment on the report, which is based on unnamed sources.

Miramax, which has a 700-title library, is known for producing such titles as “Sex, Lies and Videotape,” “Pulp Fiction,” “Shakespeare in Love” and “Good Will Hunting,” most of which were made during the studio’s 17 years as a Disney label. The studio was sold in 2016 by its private equity owners for a reported $1 billion to beIN Media Group, which owns the company in its entirety. The $650 million valuation suggested by the Wall Street Journal report would represent barely two-thirds of the reported 2016 sale price.

BeIN was set up as an Al Jazeera spinoff in 2014. Analysts questioned the wisdom of its acquisition of Miramax, which was ostensibly made to feed the expansion, from sports into movies, of its more than 30 channels worldwide. The company controls top Turkish paybox Digiturk and sports channels in France, Spain, the U.S. and Australia.

Lately, beIN has been suffering economic damage from the Saudi Arabia-based pirate broadcaster beoutQ.

In 2016, after a period during which it focused on monetizing its catalog of films, Miramax again began backing new productions. Its recent titles include the David Gordon Green-directed “Halloween,” “Bad Santa 2,” “Whitney,” and “Bridget Jones’s Baby.”

Popular on Variety

More Film

  • the two popes

    How Luca Canfora Recreated The Papal Vestments for 'The Two Popes'

    Luca Canfora is no stranger to designing papal vestments; his previous projects include “The Young Pope” and “The New Pope.” Coming into Fernando Meirelles’ “The Two Popes” meant Canfora knew where he could have costumes made with the highest quality, and when it came to fabric choice and constructing his costumes. Canfora had to create [...]

  • Pom Klementieff poses at the launch

    Pom Klementieff Lands New Role in Next 'Mission: Impossible' Film

    “Guardians of the Galaxy” star Pom Klementieff is set to join the latest installment of Paramount and Skydance’s “Mission: Impossible,” joining Tom Cruise, who is reprising his role of Ethan Hunt. Christopher McQuarrie announced the news on Instagram on Tuesday, and is returning to write and direct the seventh and eighth movies, which will be [...]

  • Fede Alvarez

    'Don't Breathe' Director Fede Alvarez Developing White House Horror Movie With Legendary

    “Don’t Breathe” director-producer Fede Alvarez is teaming with Legendary Pictures for an untitled White House horror movie. The project, described as “The Shining” set in the White House, will be directed by Alvarez from a script by Joe Epstein and produced by Alvarez’s Bad Hombre Films. Legendary announced the horror movie Tuesday as part of [...]

  • Awkwafina Actors on Actors

    How 'The Farewell' Changed Awkwafina's Understanding of Grief and Mercy

    Awkwafina’s film “The Farewell” explores the Chinese tradition of not disclosing terminal illnesses to elderly family members. The actor discussed her evolving thought process on the subject matter with Taron Egerton (“Rocketman”) during a conversation for “Variety Studio: Actors on Actors.” Egerton began the interview by asking Awkwafina about her personal opinion of the film’s [...]

  • Kristen Bell and idina menzel Walk

    Kristen Bell and Idina Menzel Took Parallel Paths to Hollywood

    Once upon a time in New York City, two young talents set off on a near-impossible quest: a successful Broadway career. Since childhood, Idina Menzel and Kristen Bell had focused on their quest with a ferocious drive — and learned to avoid the trolls. In Long Island, Menzel, the daughter of a pajama salesman, spent [...]

  • Catherine Deneuve'Joker' premiere, 76th Venice Film

    Catherine Deneuve Is 'Feeling Fine' but Still Recuperating From Recent Stroke

    Nearly two weeks after suffering a stroke reported as minor, French screen icon Catherine Deneuve is “feeling fine” but still recuperating in a Paris hospital, her publicist said Tuesday. The 76-year-old actress suffered what her family called a “very limited” ischemic stroke – an incident caused by reduced blood flow to the brain – on [...]

More From Our Brands

Access exclusive content