The acquisition of the 80% of US-based Endeavor Content will serve as a new growth engine towards the South Korean powerhouse CJ ENM vision as a ‘global total entertainment company’. The two companies anticipate the deal will close early in the first quarter of 2022.
CJ ENM, a leading entertainment company originated from Korea, has entered into a definitive agreement to acquire a majority stake of the scripted business of US-based global premium content studio Endeavor Content from its parent company Endeavor Group Holdings for USD 775 million.
Endeavor will retain 20% of the scripted portion of the business, in addition to the non-scripted portion of the business, as well as certain documentary and film sales and financing consulting services. Endeavor Content’s Graham Taylor and Chris Rice will continue to lead the studio as co-CEOs.
This is the largest M&A for CJ ENM, which first invested in DreamWorks and jumped into the content business 26 years ago. Another top acquisition has been the one for Eccho Rights (Sweden) by mid 2018. Korean company plans to solidify its presence in the global market and content distribution channels.
It will also be able to expand its original IP collection to incorporate that of Endeavor Content’s. The library and portfolio that will hold a wide range of IPs from all over the world will support its plan to launch its OTT platform, TVING, globally. It will also be able to further accelerate its penetration into the global content market by making full use of Endeavor Content’s extensive network across various distribution channels.
Ariel Emanuel, CEO, Endeavor: ‘Four years ago, we set out to build a talent-first studio that prioritized greater creative freedom and ownership. Graham, Chris and the entire team delivered on that promise, and this transaction further underscores the enduring value of talent and premium content’.
Kang Ho-Sung, CEO, CJ ENM, added: ‘We are confident that this deal will create synergy between both companies, globally acknowledged for their production capabilities and list of hit IP properties. At the end of the day, we strive 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’.
CJ ENM is best known for its recent multiple Academy Award-winning Parasite, as well as TV series Crash Landing on You, Goblin: The Lonely and Great God and Hospital Playlist, etc. It is currently co-producing a drama series with US-based media company Skydance Media as part of its strategic partnership made early last year. It is also involved in the production of Parasite TV adaptation for HBO. Additionally, it is the company behind I Can See Your Voice, a popular entertainment show that has been broadcast and/or remade in more than 23 regions, as well as 2021 Emmy nominated drama It’s Okay to Not Be Okay and music reality show I-Land.
Endeavor Content launched in 2017 as a platform and talent agency-agnostic production, advisory, sales, and distribution studio that puts artists, creators, and producers first. Since its inception, it has owned, financed, and/or sold more than 125 films and television series that have garnered more than 69 Emmy wins and nominations and 59 Academy Award wins and nominations. Major hits include In the Heights and Just Mercy for Warner Brothers, Book Club for Paramount Pictures, Blue Miracle for Netflix, and Joe Bell with Roadside Attractions. The studio has also made its mark internationally, handling global distribution for hit series including Killing Eve, The Night Manager, Normal People, and Nine Perfect Strangers.
Coming next, film Maggie Gyllenhaal’s The Lost Daughter, and Michael Bay’s Ambulance for theaters. On TV, several like Ben Stiller’s Severance, Nicole Kidman’s Roar for Apple TV+, Wolf Like Me for Peacock, starring Josh Gad and Isla Fisher, Michael Mann’s Tokyo Vice for HBO Max, and Amy Schumer’s Life & Beth for Hulu.
