CJ ENM is acquiring an 80% stake in U.S.-based Endeavor Content for a total of US$775 million in its largest acquisition ever, the Korean entertainment conglomerate said this morning.

The acquisition from parent company Endeavor Group Holdings will serve "as a new growth engine towards CJ ENM’s vision as a global total entertainment company", CJ ENM said.

The deal, which includes management rights, was approved by CJ ENM’s board of directors this morning.

Endeavor will retain 20% of the scripted portion of the business, in addition to retaining the non-scripted portion of the business, as well as certain documentary and film sales and financing consulting services.

"Through the acquisition of Endeavor Content, CJ ENM plans to solidify its presence in the global market and content distribution channels," the company said, adding that the library and portfolio would support CJ ENM’s plan to launch its OTT platform, TVING, globally.  

"CJ ENM 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. This will create a full value chain for CJ ENM to distribute its top-notch dramas, movies, and entertainment programs to the world. New doors will open for the creative pool, including producers, writers, etc., that will be able to collaborate on multiple levels to create global mega-hit contents," the company said. 

Endeavor Content’s Graham Taylor and Chris Rice will continue to lead the studio as co-CEOs.

The two companies anticipate the deal will close early in the first quarter of 2022. 

“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," CJ ENM CEO, Kang Ho-Sung, said. 

CJ ENM, best known for its multiple Academy Award-winning “Parasite”, is also behind TV series “Crash Landing on You,” “Goblin: The Lonely and Great God,” “Hospital Playlist,” and films “Snowpiercer,” “Miss Granny". 

This deal is another addition to CJ ENM’s expanding presence in the global market.

CJ ENM is currently co-producing a drama series with US-based media company, Skydance Media as part of its strategic partnership made early last year, and is also involved in the production of a TV adaptation of award-winning movie “Parasite”, set to broadcast on HBO.