LOS ANGELES — Miramax, one of Hollywood’s best-known independent film and television labels, was acquired by the beIN Media Group, a sports and media company headed by the Qatari executive Nasser Al-Khelaifi, the companies said on Wednesday.
A consortium headed by Colony Capital bought Miramax Films and its 700-film library almost six years ago from the Walt Disney Company for about $660 million. Harvey and Bob Weinstein founded the indie studio, which was named for their parents, Miriam and Max, 37 years ago.
Kat Kleiner, a spokeswoman for Miramax, declined to discuss the terms of the sale to beIN. Reports had said that Colony and its partners, among them the Qatar Investment Authority, had asked as much as $1 billion for Miramax, as they began shopping the company last year.
The Weinstein Company, controlled by the Weinstein brothers, had expressed interest in acquiring Miramax, in a bid to reconnect with past hits like “The English Patient” and “Shakespeare in Love.” But Miramax went instead to beIN, which operates a sports network and movie channels, and was formed in the spinoff of the Al Jazeera sports operations at the end of 2013.
In a statement, Mr. Al-Khelaifi said he expected to use Miramax and its assets as part of a growth plan. Miramax has recently invested in and co-distributed projects like “The Wedding Ringer” and “Mr. Holmes,” some of which were based on scripts or films bought from Disney.
Steve Schoch, the chief executive of Miramax, said his company looked forward to “expanding our film and television output.”
Thomas J. Barrack Jr., who founded Colony, said the growth in online streaming had allowed the group to return “our partners’ capital many times over.”Continue reading the main story
He added: “Colony has done its job.”Continue reading the main story