South Korean media conglomerate whose entertainment arm produced 2019 Oscar winner for Best Picture “Parasite” has acquired a controlling stake in the scripted arm of Endeavor Content, a subsidiary of entertainment company Endeavor Group .
When the $ 775 million deal, which was announced Thursday night, closes, South Korean conglomerate CJ ENM will own 80% of the company and Endeavor Group 20%. The companies said they expected the deal to be completed in the first quarter of 2022.
The Wall Street Journal reported the news earlier.
“Ultimately, CJ ENM strives to become a major global studio that encompasses content that attracts global audiences – like this agreement with Endeavor Content, we will continue to expand our presence in the global market,” Kang Ho-Sung , the chief executive of the conglomerate, said in a statement.
Endeavor is being forced to scale back its stake in its scripted content business following a deal this year with the Writers Guild of America, whose writers went on strike to protest what they saw as a conflict. interests in agencies that possessed both talents. representation companies and production companies.
Endeavor is under no obligation to sell its unscripted assets and will retain 100% ownership of this business.
Endeavor Content was formed in 2017 by Graham Taylor and Chris Rice. Today it defines itself as a global film and television studio and has produced projects such as “Nine Perfect Strangers”, a Hulu miniseries with Nicole Kidman, and Maggie Gyllenhaal’s first film, “The Lost Daughter. “. He owns a minority stake in Bruna Papandrea’s production company, Made Up Stories, in addition to PictureStart and Media Res.
Mr. Taylor and Mr. Rice will remain co-CEOs of the new company.
CJ has expanded its presence in Hollywood in recent years. Miky Lee, vice president of CJ Entertainment, the Hollywood arm of CJ ENM, rose to the national stage when she accepted the Oscar for Best Picture for “Parasite,” but she was an actor in the industry before that. , pushing CJ to Hollywood in the 1990s with a stake in DreamWorks. Most recently, she invested $ 100 million in David Ellison’s Skydance Media and was elected vice-chair of the board of directors of the Academy Museum of Motion Pictures.
“Having known Miky Lee for over 25 years, I have no doubts that CJ ENM will be excellent stewards of the studio, accelerating and amplifying its projects on the world stage,” said Ari Emanuel, Managing Director of Endeavor, in a statement. .