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Thu 3 Mar 2016 11:19 AM

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Qatar's beIN Media buys US film studio Miramax

Miramax will this year be involved in movies like Bad Santa 2, Bridget Jones's Baby, and Southside With You, a film based on Barack and Michelle Obama's first date in Chicago in 1989

Qatar's beIN Media buys US film studio Miramax
Nasser Al-Khelaifi, chairman and CEO of beIN Media Group.

Qatar's media and entertainment company beIN Media Group has bought film studio Miramax, the companies have announced.

beIN has bought the entirety of the Californian studio for an undisclosed amount, it said. Selling shareholders of Miramax included Qatar Investment Authority and Colony Capital.

Doha-based beIN said that Miramax will continue to operate as an independent film and television studio.

"We are extremely excited to have achieved this key milestone within our strategy," said Nasser Al-Khelaifi, chairman and CEO of beIN Media Group. “Mirmax is a successful film and television company, providing a strong and recognizable brand, a unique library and industry expertise that complement beIN Media Group’s plans to grow across the entertainment industry and develop new content production.”

State-owned Qatar Holding and Thomas Barrack Jr.'s investment firm, Colony Capital, bought Miramax from Walt Disney in 2010 for $660 million.

Miramax has over 700 titles in its library and owns the rights to hundreds of Hollywood films including "Bridget Jones' Diary" and "The English Patient".

Miramax, which was founded in 1979 by Bob and Harvey Weinstein, was exploring a sale, Reuters reported in July.

beIN said last week that it was optimistic of agreeing to a deal to buy Miramax.

In 2016, Miramax will invest in and co-distribute several feature films including "Bad Santa 2", "Bridget Jones's Baby", and "Southside With You", a film based on Barack and Michelle Obama's first date in Chicago in 1989.