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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

Trump set to appear at Pennsylvania GOP hearing on voter fraud claims

President Trumpat the White House on Tuesday. Photo: Chip Somodevilla/Getty Images

President Trump is due to join his personal lawyer Rudy Giuliani in Gettysburg, Pennsylvania, Wednesday at a Republican-led state Senate Majority Policy Committee hearing to discuss alleged election irregularities.

Why it matters: This would be his first trip outside of the DMV since Election Day and comes shortly after GSA ascertained the results, formally signing off on a transition to President-elect Biden.

Scoop: Trump tells confidants he plans to pardon Michael Flynn

Photo: Alex Wroblewski/Getty Images

President Trump has told confidants he plans to pardon his former national security adviser Michael Flynn, who pleaded guilty in December 2017 to lying to the FBI about his Russian contacts, two sources with direct knowledge of the discussions tell Axios.

Behind the scenes: Sources with direct knowledge of the discussions said Flynn will be part of a series of pardons that Trump issues between now and when he leaves office.

Erica Pandey, author of @Work
10 hours ago - World

Remote work shakes up geopolitics

Illustration: Eniola Odetunde/Axios

The global adoption of remote work may leave the rising powers in the East behind.

The big picture: Despite India's and China's economic might, these countries have far fewer remote jobs than the U.S. or Europe. That's affecting the emerging economies' resilience amid the pandemic.