Dec 20, 2019

ViacomCBS buys minority stake in Miramax

Sara Fischer

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.

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Sara Fischer

Netflix upset at Golden Globes

Phoebe Waller-Bridge of "Fleabag" won best performance by an actress in a television series - musical or comedy at the show. Photo: Kevin Winter/Getty Images

Despite the fact that Netflix led all other tech companies and entertainment studios in Golden Globe nominations for TV and film, the tech giant was largely beaten out by traditional content companies on Sunday.

Why it matters: The evening served as a pushback from traditional Hollywood against the new tech companies that are encroaching on its turf.

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Sara Fischer

Apple bets big on Tinseltown's top talent

Richard Plepler Photo: Gary Gershoff/FilmMagic, Oprah Winfrey Photo: Steve Granitz/WireImage, Reese Witherspoon: Taylor Hill/Getty Images

Apple's new streaming service is only beginning to take shape, but already the tech giant has signaled that it's willing to spend big to lure Hollywood's top talent to be a part of it.

Why it matters: Analysts have for years predicted that Apple, with lots of free cash flow, would one day buy a content company like Netflix or HBO to fulfill its streaming ambitions. But Apple's recent investments in individual producers, actors and directors suggest the Silicon Valley titan is heading in a different direction.

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Elizabeth Warren's campaign says it raised $21.2 million in Q4

Photo: Scott Eisen/Getty Images

Elizabeth Warren's 2020 presidential campaign said Friday that it raised $21.2 million during 2019's fourth quarter.

Why it matters: It's a disappointing haul for the Massachusetts senator, who raised $24.6 million last quarter, and coincides with a sustained drop in her polling after she briefly challenged Joe Biden for frontrunner status in October.

Go deeperArrowJan 3, 2020