ViacomCBS, a global media and entertainment company, completed the acquisition of a 49% stake in Miramax, a film and television studio, from beIN MEDIA GROUP, a media company, for $375m. ViacomCBS made a payment of approximately $150m at closing and will invest $45m annually over the next five years, for a total of $225m, to provide funding for new film and television productions and working capital. "This represents a major investment in and endorsement of our thriving Miramax business, which has grown in value under BeIN Media Group's ownership and has a fantastic future ahead with major new movies and unexploited premium dramas. We are thrilled to partner with ViacomCBS and Paramount to explore further opportunities around Miramax's iconic IP, and also at the group level, while substantially increasing the scale of our entertainment business," Nasser Al-Khelaifi, BeIN Chairman.