The South Korean media conglomerate whose entertainment arm produced the winner of the 2019 Oscar for best picture, “Parasite,” has acquired a majority stake in the scripted arm of Endeavor Content, a subsidiary of the talent agent Endeavor Group.
Upon closure of the $775 million deal, which was announced late Thursday night, the South Korean conglomerate, CJ ENM, will own 80 percent of the business and the Endeavor Group 20 percent. The companies said they expected the deal to close in the first quarter of 2022.
The Wall Street Journal reported the news earlier.
“At the end of the day, CJ ENM strives to become a major global studio that encompasses content that appeals to a global audience — like this deal with Endeavor Content, we will continue to expand our presence in the global market,” Kang Ho-Sung, the conglomerate’s chief executive, said in a statement.
Endeavor is being forced to reduce its ownership stake in its scripted content business as a result of a settlement this year with the Writers Guild of America, whose writers went on strike to protest what they saw as a conflict of interest at agencies that owned both talent representation businesses and production companies.
Endeavor is not required to sell its unscripted assets and will maintain 100 percent ownership of that business.
Endeavor Content was formed in 2017 by Graham Taylor and Chris Rice. Today, it calls itself a global film and television studio, and it has produced such projects as “Nine Perfect Strangers,” a Hulu mini-series starring Nicole Kidman, and Maggie Gyllenhaal’s directorial debut, “The Lost Daughter.” It 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-chief executives of the new company.
CJ has been expanding its foothold in Hollywood in recent years. Miky Lee, the vice chair of CJ Entertainment, the Hollywood arm of CJ ENM, rose to the national stage when she accepted the best picture Oscar for “Parasite,” but she was an industry player before then, nudging CJ toward 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 the Academy Museum of Motion Pictures.
“Having known Miky Lee for more than 25 years, I’m confident that CJ ENM will be excellent stewards of the studio, accelerating and amplifying its projects on a global stage,” Ari Emanuel, the chief executive of Endeavor, said in a statement.
Source: | This article originally belongs to Nytimes.com
