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Qatar-based firm in talks to buy Miramax
MUMBAI: Film and TV studio Miramax, owned by Filmyard Holdings, is reportedly in talks to sell the company to Qatar-based BeIN Media Group.
BeIN Media Group is a broadcaster in Qatar that was spun off last year from Al Jazeera.
Bloomberg mentions that billionaire Thomas Barrack Jr. and other Miramax investors have been negotiating with BeIN Media and a deal could be stitched by the end of the year.
Founded by brothers Harvey and Bob Weinstein, Miramax owns around 700 titles, which includes films like ‘Pulp Fiction’, ‘Good Will Hunting’ and ‘Shakespeare in Love’.
BeIN had earlier announced that it was looking to expand from a sports-focused brand to general entertainment programming while launching a competitive pay television service in the Middle East region.
BeIN Media was formed in 2014 as the holding company for BeIN Sports, which was spun out of Al Jazeera Media Network, also based in Qatar. It has channels in 24 countries in the Middle East, Africa, US and Europe, and its goal is to offer a comprehensive pay TV package of sports, scripted programming and Hollywood movies.
Filmyard, consisting of investors like Colony Capital and Qatar Investment Authority, paid $660 million to acquire Miramax from Walt Disney in 2010.