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The Korea Economic Daily: Behind The Scenes Of CJ’s $775 mn Endeavor Content PurchaseNovember 24, 2021
CJ ENM, the South Korean entertainment company that produced the Oscar-winning film “Parasite,” is purchasing an 80% stake in Endeavor Content for US$775 million. CJ ENM competed with other global production companies, including US-based powerhouse Apollo Global Management, to acquire Endeavor but instead of outbidding their competition, “CJ turned its focus into a growth strategy for Endeavor Content, given that the parent group will retain a 20% stake after the divestment.” The deal benefits CJ Group’s content business from top to bottom. CJ ENM will own and manage intellectual property rights while production activities are handled by Endeavor and Studio Dragon, CJ’s domestic studio. They can use CJ’s TVing platform for its streaming capabilities. O’Melveny & Myers LLP serves as legal advisor to CJ ENM.
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