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ViacomCBS announced Friday a $375 million deal to acquire a 49% stake in Miramax, the television and movie production company founded by Hollywood producer Harvey Weinstein, from Qatar-based beIN Media Group.

Why it matters: It’s ViacomCBS’s first post-merger deal, and it will strengthen the library and resources of the company’s movie studio, Paramount Pictures.

Viacom will put up about $150 million in cash upfront, along with a commitment to invest $45 million annually over the next 5 years to be used for new film and television productions and working capital, per a press release.

  • Paramount Pictures has entered an exclusive production deal and distribution agreement for Miramax's film library.
  • beIN will retain a 51% stake in the company. The companies say they will explore other strategic partnership opportunities across content production and distribution, live events and recreation, globally.
  • MIRAMAX’s current leadership team will continue to lead the company.

The big picture: Paramount had been struggling as a studio until recently, when it turned a full-year profit for the first time in 3 years.

What’s next: The deal expected to close in the first quarter of 2020.

Go deeper

Updated 4 hours ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate will now work through votes on a series of amendments that are expected to last overnight into early Saturday morning.

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.