CJ ENM acquires Hollywood studio Endeavor Content for 920 billion won
Shannon Glisson 1 year ago 2 min read
SEOUL, Nov. 19 (Yonhap) — South Korean media and entertainment giant CJ ENM said Friday it has acquired a majority stake in Hollywood studio Endeavor Content, in a deal worth a record 920 billion won ($775 million). To promote its business abroad.
CJ ENM has acquired an 80 percent stake in the US sports and entertainment group Endeavor Group Holdings' content production and distribution unit.
The Endeavor Group will retain the remaining 20 percent stake in Endeavor Content, while management, including co-CEOs Chris Rice and Graham Taylor and other key employees, will retain their positions, according to CJ ENM.
Founded in 2017, Endeavor Content has starred in a number of popular films and TV series, including the popular BBC thriller Killing Eve.
CJ ENM, whose business includes film, television, pop music and musical theater, said the latest deal was the largest merger and acquisition since it began its entertainment business in the 1990s.
The South Korean company is behind the Oscar-winning satirical family movie "Parasite" and has produced internationally successful TV series, including "Guardian: The Lonely and Great God." lonely) (2016) and "Crash Landing On You" (emergency landing in your heart).
The South Korean company said in a statement that the agreement will help establish a foothold in the United States, the center of popular culture in the world, and build a global content network.
CJ ENM has been making efforts, for several years, to enter Hollywood, through investments and co-productions.
The company took a stake in US company Skydance Media earlier this year, while its TV series production unit, Studio Dragon, agreed to co-produce a TV series with Skydance Television for Apple TV+.
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The project marks the first time that a South Korean production company has created an original drama series in the United States for a global audience.
Meanwhile, CJ ENM said it will set up a spin-off company to produce content of various genres, including variety shows, TV series, films and animation, in a bid to form an efficient multi-studio system with Studio Dragon.
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