Viacom Is Said to Emerge as Front-Runner for Miramax Stake
- Lions Gate drops out of process to focus on core business
- New streaming services drive demand for film and TV assets
A sign for Viacom is displayed the company's headquarters in New York.
Photographer: John Taggart/Bloomberg
Viacom Inc., the media company that’s combining with CBS Corp., has emerged as the front-runner to buy a stake in Miramax films, which owns award-winning pictures such as “Pulp Fiction,” people familiar with the matter said.
Another bidder, Lions Gate Entertainment Corp., has dropped out of the process to focus on its core business, though it’s possible the company could come back, said one of the people, who asked not to be identified because the discussions are private. Talks are ongoing and there’s no guarantee a deal will be reached. The parties have discussed a price in the nine-figure range, or at least $100 million, the people said.