CJ ENM is a fast-growing Korean conglomerate, which is home to BTS and distributes “Parasite,”Endeavor Content is being acquired by Endeavor Content. The deal would be valued at between $900 million to $1 billion.
CJ ENM came in with most attractive bid for 80% of the production-distribution unit out of a wide field of financial and strategic suitors, a source close to the situation said. The Wall Street Journal reported the first news about negotiations between Endeavor, CJ ENM.
Endeavor Content is headed by Chris Rice, Graham Taylor and has around 200 employees. It is planned that the two will continue to manage Endeavor Content from Los Angeles.
Endeavor Content was established in 2017 to increase Endeavor’s content production. But, this move led to a two year fight with the Writers Guild of America (WGA) over conflict of interests concerns. Endeavor reached an agreement with the WGA in January that required it to sell its majority interest in Endeavor Content’s scripted TV and film operations.
Endeavor representatives were not available for comment. CJ ENM representatives could not be reached immediately for comment.
There are more to come