Along with 80 percent of the scripted business of Endeavor Content Parent, CJ ENM would have management rights through its American subsidiary. The deal is aimed at setting up a global production base in the center of popular culture.
"We are confident that this deal will create synergy between both companies, globally acknowledged for their production capabilities and list of hit IP properties," CJ ENM CEO Kang Ho-sung said in a joint statement. He said his company aims to become a major studio targeting a global audience.
Through the deal, CJ ENM said it can solidify its presence in the global market and content distribution channels by using Endeavor Content's extensive network, create a full value chain for the distribution of dramas, movies, and entertainment programs to the world, and open new doors for a creative pool of producers and writers.
While Hallyu (Korean cultural wave) content including K-pop, K-drama and K-film has mesmerized the global audience, the country's content production industry is still old-fashioned. Films and dramas are mainly produced by medium-sized companies that operate tiny studios. Buoyed by the growing popularity of its content, CJ ENM has launched an aggressive push for content production targeting the global market.
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