Fast-growing Korean conglomerate CJ ENM, home of BTS and the distributor of “Parasite,” is in talks to acquire the majority of Endeavor Content in a deal valued between $900 million and $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 first reported news of the negotiations between Endeavor and CJ ENM.
Endeavor Content, headed by Chris Rice and Graham Taylor, has about 200 full-time employees. The plan is for those two to continue to run the company from its Los Angeles base.
Endeavor Content was formed in 2017 to rev up the content production side of Endeavor, but the move helped spark a two-year fight with the Writers Guild of America over conflict of interest concerns. In January, Endeavor reached a settlement with the WGA that called for it to divest the majority of its interest in the scripted film and TV operations of Endeavor Content.
An Endeavor representative declined to comment. A rep for CJ ENM could not immediately be reached for comment.
More to come
Source: Read Full Article
