The South Korean media conglomerate whose entertainment division produced the 2019 Oscar winner for Best Picture, Parasite, has acquired a majority stake in the scripting division of Endeavor Content, a subsidiary of talent agency Endeavor Group.
Following the close of the $ 775 million deal announced late Thursday, South Korean conglomerate CJ ENM will own 80% of the business and Endeavor Group 20%. The companies said they expect the deal to close in the first quarter of 2022.
This was previously reported by the Wall Street Journal.
“At the end of the day, CJ ENM aims to become a major global studio, embracing content that engages a global audience – like this deal with Endeavor Content, we will continue to expand our presence in the global marketplace,” said Kang Ho. This is stated in a statement by the executive director of the Song conglomerate.
Endeavor is forced to cut its ownership stake in its scripting business as a result of an agreement this year with the Writers Guild of America, whose writers have gone on strike to protest conflicts of interest in agencies that own both talents. representative offices of enterprises and manufacturing companies.
Endeavor is under no obligation to sell its unencrypted assets and will retain 100 percent ownership of this business.
Endeavor Content was founded in 2017 by Graham Taylor and Chris Rice. Today, she calls herself a global film and television studio, and has also produced projects such as Nine Perfect Strangers, the Hulu miniseries starring Nicole Kidman, and Maggie Gyllenhaal’s directorial debut, Lost Daughter. He owns a minority stake in Bruna Papandrea’s production company, Made Up Stories, as well as PictureStart and Media Res.
Mr. Taylor and Mr. Rice will remain CEOs of the new company.
CJ has been expanding its position in Hollywood in recent years. Miki Lee, vice chairman of CJ Entertainment, the Hollywood arm of CJ ENM, took to the national stage when she won the Academy Award for Best Picture for Parasite, but before that she was an industry player, pushing CJ to Hollywood in the 1990s. with a stake in DreamWorks. She most recently invested $ 100 million in David Ellison’s Skydance Media and was elected Vice Chairman of the Academy’s Film Museum.
“Having known Miki Lee for over 25 years, I am confident that CJ ENM will be an excellent steward for the studio, accelerating and expanding its projects on the global stage,” said Ari Emanuel, CEO of Endeavor. …