Miramax and its library of more than 700 films have been sold to the BeIn Media Group of Doha, Qatar.

According to the Hollywood Reporter, the two companies formally announced the sale Wednesday, though the terms of the sale were not disclosed.

BeIn, founded in 2014, has holdings in sports and entertainment programming, including the BeIn Sports network and the BeIn Movies channel. Shareholders selling their stake in Miramax include Qatar Investment Authority and Colony Capital of Los Angeles.

Colony’s founder and executive chairman, Thomas Barrack, ranked no. 37 on the Business Journal’s 2015 list of wealthiest Angelenos.

Miramax’s current executive team, headed by Chief Executive Steve Schoch, is expected to remain in place under the new owners.

In announcing the sale, Nasser Al-Khelaifi, chairman and chief executive of BeIn Media, said, “As part of BeIn Media Group, we will support Miramax in continuing to build the exciting platform. We very much look forward to working with the Miramax team.”