Viacomcbs to Acquire 49% Stake in Miramax

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Viacomcbs to Acquire 49% Stake in Miramax ‘We were fighting for survival’: How Huawei is enduring war with US PAGE 10 MONDAY, DECEMBER 23, 2019 28,455.09 10,474.13 41,681.54 1,480.90 +78.13 PTS +133.76 PTS +7.62 PTS GOLD -0.24% Facing industrial decline, Wales DOW QE SENSEX dreams of Silicon Valley PAGE 11 PRICE PERCENTAGE PRICE PERCENTAGE 17.22 BRENT 66.14 -0.60% WTI 60.44 -1.21% SILVER +0.41% KAABI LEADS QATARI DELEGATION TO OAPEC MEETING IN KUWAIT Minister of State for Energy Affairs HE Saad Sherida al Kaabi has led Qatar’s delegation to the 103rd Ministerial Council meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Kuwait. Kuwait Amir Sheikh Sabah Al Ahmad Al Sabah received Kaabi and other OAPEC oil ministers in Kuwait City. The OAPEC was established in 1968 and is headquartered in Kuwait City. Taxes have arrived in Qatar: ViacomCBS to acquire KPMG’s Barbara Henzen TRIBUNE NEWS NETWORK 49% stake in Miramax DOHA tion globally. WITH the recently-estab- beIN will retain $375 mn deal “Miramax is a renowned lished General Tax Authority global studio, responsible for (GTA) becoming effective, 51 percent stake ● ViacomCBS will acquire some of the most iconic films taxation in Qatar is becom- in the global en- 49 percent of Miramax from of the last three decades, in- ing increasingly more com- beIN for a total investment cluding Pulp Fiction, Good plex, KPMG’s Head of Tax tertainment firm of $375 million, which Will Hunting, Kill Bill and and Corporate Services Bar- includes an upfront cash more,” said Bob Bakish, Presi- bara Henzen has said. KPMG’s Head of Tax and Corpo- GTA Strategic and Quality TRIBUNE NEWS NETWORK payment of approximately dent and CEO of ViacomCBS. The GTA has started to rate Services Barbara Henzen Consultant Enrique Guillen DOHA $150 million, along with a “This partnership with issue a lot of questions on commitment to invest $45 beIN will be a unique op- tax returns and to issue as- be prepared. he said. VIACOMCBS has entered into portunity to gain access to a sessments, she said. Enrique Guillen, Strate- Henzen and KPMG in a definitive agreement with million annually over the valuable library, deepening “With the new online tax gic and Quality Consultant, Qatar’s Senior Tax Manag- beIN Media Group to acquire next five years, or $225 our already substantial pool management system ‘Dha- GTA, was a guest speaker at ers, Imran Ayub, Abhishek a 49 percent stake in Miramax. million, to be used for new of IP at a time when demand reeba’ as well as the immi- the event and introduced the Jain and Uma Patankar Miramax is a global film film and television for premium content is only nent introduction of transfer new upcoming tax system. talked about a number of and television studio best productions and working accelerating. We look forward pricing and value-added tax, He talked about taxation subjects including recent known for its award-winning capital to working closely with the it is fair to say the taxes have as one of the several ways to changes in the tax landscape film library encompassing Miramax management team arrived in Qatar,” Henzen mobilise governmental rev- in Qatar and how to navigate more than 700 titles, 278 as we explore new ways to de- said at a seminar held re- enue to manage an economy through audits. Academy Award nominations liver its titles across a variety cently in Doha. and to provide public ser- The seminar also covered and 68 Oscars, including four of platforms and create new, The seminar, held on De- vices, about the purpose of main highlights ofchanges in Best Picture awards for Chica- compelling projects.” cember 12, 2019, shed light a modern tax authority and the international landscape go, Shakespeare In Love, The This partnership with beIN will be a unique opportunity to beIN Chairman Nasser al on the rapidly changing tax the role of GTA. such as Substance Require- English Patient, and No Coun- gain access to a valuable library. Khelaifi said, “This represents and regulatory framework in “Taxation will play an ments, Digital Taxes and try For Old Men. a major investment in and the country and beyond. increasingly important role BEPS 2.0. beIN will retain a 51 per- Bob Bakish, President and CEO of ViacomCBS endorsement of our thriving At the event, titled ‘Navi- in realizing Vision 2030, by KPMG has one of the cent stake in Miramax and its Miramax business, which has gating the future’, Henzen diversifying the State of Qa- largest local tax teams in Qa- current leadership team will Pictures’ deep content library or $225 million, to be used for grown in value under beIN explained to over 150 tax tar’s revenue base beyond tar, employing over 26 spe- continue to lead the company. – including more than 3,600 new film and television pro- Media Group’s ownership and and finance leaders that the hydrocarbons and achieving cialist staff, well equipped to The transaction is subject to films – and its global distribu- ductions and working capital. has a fantastic future ahead most important part about medium to long term social deal with clients’ in-country customary closing conditions tion infrastructure, market- In addition, Paramount with major new movies and changes to tax regimes is to and economic policy goals,” and overseas tax needs. and is expected to close in the ing resources and production Pictures has entered into an unexploited premium dramas. first quarter of 2020. expertise will further enrich exclusive, long-term distribu- We are thrilled to partner with Drawing on the strength of Miramax’s library value and tion agreement for Miramax’s ViacomCBS and Paramount Paramount Pictures – Viaco- help drive new films and TV film library; and an exclusive, to explore further opportuni- mCBS’ historic film and televi- projects. long-term first-look agree- ties around Miramax’s iconic sion studio – this investment Under the terms of the ment allowing Paramount Pic- IP, and also at Group level; Qatar index gains 133.76 points in MIRAMAX will create syn- transaction, ViacomCBS will tures to develop, produce, fi- while substantially increasing ergies and other valuable op- acquire 49 percent of Miramax nance and distribute new film the scale of our entertainment QNA The volume of shares in green zone on Sunday. QSE portunities through both new from beIN for a total invest- and television projects based business. This deal further DOHA traded decreased to 87.2 mil- Total Return Index gained 1.29 production and co-financing ment of $375 million, which on Miramax’s IP. Further, underlines beIN’s ambitions lion from 118.02 million on percent to 19,273.28 points. opportunities in film and TV, includes an upfront cash pay- beIN and ViacomCBS will on the global stage – we are QATAR Stock Exchange last Tuesday and the value of QSE Al Rayan Islamic In- and the combined distribu- ment of approximately $150 explore other strategic part- very proud to have established (QSE) gained 133.76 points or shares decreased to QR290.39 dex increased 0.87 percent to tion of both new and existing million, along with a commit- nership opportunities across ourselves as one of the leading 1.29 percent when the bourse million from QR519.511 mil- 2,336.38 points and QSE All library content. ment to invest $45 million an- content production and distri- groups in sport, entertainment closed trading at 10,474.13 lion on last Tuesday. Share Index added 1.51 per- In addition, Paramount nually over the next five years, bution, live events and recrea- and media.” points on Sunday. Indices of all sectors ended cent to 3,111.68 points. US-China trade pact soon: Trump Online payments: Ooredoo stitches partnership with al khaliji President Donald Trump has said the United States phones. Enabling online bank- and China would “very Users may soon pay for Ooredoo services ing payments with our new shortly” sign their so-called partner al khaliji Bank cre- from al khaliji accounts online ates yet another way to make Phase One trade pact. our customers’ lives easier, “We just achieved a TRIBUNE NEWS NETWORK counts. 24/7 service contributing to complete cus- breakthrough on the trade DOHA Online banking with al tomer satisfaction, and is also deal and we will be sign- khaliji Bank is available 24/7, The partnership, which was another step on our journey to ing it very shortly,” Trump OOREDOO has signed a part- meaning customers can log cemented at a signing complete digitalisation.” said at a Turning Point nership with Al Khalij Com- on and pay bills or recharge ceremony on November 20, al khaliji Group Chief USA event in Florida. mercial Bank (al khaliji) to anytime, from wherever they 2019, means Ooredoo HR and Administration Of- The Phase One deal enable its customers to pay for are. This way, they can avoid customers may soon pay their ficer Hamad al Kubaisi said, was announced earlier Ooredoo services from their al queues and make payments at Shahry, Fibre and Home “Digital banking is high on this month as part of a khaliji Bank accounts via on- a time of their choosing rather Broadband bills via online the agenda of al khaliji Bank bid to end the months- line banking. than being restricted to branch banking, as well as recharging as we evolve it to respond The partnership, which opening hours. their prepaid accounts. Online to the needs of our custom- long tit-for-tat trade war was cemented at a signing cer- Ooredoo Qatar Chief Op- ers many of whom are today between the world’s two emony on November 20, 2019, erating OfficerYousuf Abdulla banking with al khaliji Bank is looking for more improved largest economies, which means Ooredoo customers al Kubaisi said, “Time is of available 24/7, meaning self-service alternatives.
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