The South Korean media group, whose entertainment division produced the 2019 Oscar winner for best film “Parasite”, has acquired a majority stake in the script division of Endeavor Content, a subsidiary of the entertainment company Endeavor Group.
Upon completion of the $ 775 million deal, announced late Thursday evening, South Korean conglomerate CJ ENM will own 80 percent of the company and Endeavor Group 20 percent. The companies expected the transaction to close in the first quarter of 2022.
The Wall Street Journal previously reported the news.
“Ultimately, CJ ENM strives to become a large global studio encompassing content that appeals to a global audience – like this deal with Endeavor Content, we will continue to expand our presence in the world market,” said Kang Ho-Sung, CEO of the Group said in a statement.
Endeavor is forced to reduce their stake in its scripted content business, agency and manufacturing operations, due to an agreement this year with the Writers Guild of America, whose writers went on strike to protest a conflict of interest among agencies who both had talent.
Endeavor has no obligation to sell its non-scripted assets and retains 100 percent ownership of this business.
Endeavor Content was founded in 2017 by Graham Taylor and Chris Rice. Today it is called a global film and television studio and has produced projects such as “Nine Perfect Strangers”, a Hulu miniseries starring Nicole Kidman, and Maggie Gyllenhaal’s directorial debut “The Lost Daughter”. In addition to PictureStart and Media Res, she owns a minority stake in Bruna Papandrea’s production company Made Up Stories.
Mr. Taylor and Mr. Rice will remain Co-Directors of the new company.
CJ has been building his position in Hollywood over the past few years. Miky Lee, vice chairwoman of CJ Entertainment, the Hollywood arm of CJ ENM, rose to the national stage when she won the Oscar for best motion picture for “Parasite,” but she was previously an industry player and shoved CJ into it 1990s towards Hollywood with a stake in DreamWorks. Most recently, she invested $ 100 million in David Ellison’s Skydance Media and was elected Vice President of the Academy Museum of Motion Pictures.
“Having known Miky Lee for more than 25 years, I am confident that CJ ENM will be an excellent steward of the studio to accelerate and reinforce its projects on a global stage,” said Ari Emanuel, CEO of Endeavor, in an explanation.