CJ ENM Takes Controlling Stake in Endeavor Content

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Korea’s CJ ENM has clinched a $775 million deal to acquire an 80-percent stake in the scripted business of Endeavor Content.

The deal with Endeavor Group Holdings proceeds at an enterprise valuation of $850 million, including $655 million to Endeavor and a contribution of $120 million of capital to Endeavor Content’s balance sheet. Endeavor retains 20 percent of the scripted business, as well as the non-scripted portion plus certain documentary and film sales and financing consulting services. Endeavor Content’s Graham Taylor and Chris Rice will continue to lead the studio as co-CEOs. The deal is expected to close in Q1 2022.

The move is intended to boost CJ ENM’s global business, including supporting its plans to roll out the OTT platform TVING globally. “We are excited to announce this deal with Endeavor Content, a company that is growing at a remarkable speed in the U.S. and European markets,” said Kang Ho-Sung, CEO of CJ ENM. “We are confident that this deal will create synergy between both companies, globally acknowledged for their production capabilities and list of hit IP properties. 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.”

“Four years ago, we set out to build a talent-first studio that prioritized greater creative freedom and ownership,” said Ariel Emanuel, CEO of Endeavor. “Graham Taylor, Chris Rice and the entire Endeavor Content team delivered on that promise, and this transaction further underscores the enduring value of talent and premium content. Having known Miky Lee for more than 25 years, I’m confident that CJ ENM will be excellent stewards of the studio, accelerating and amplifying its projects on a global stage.”

“We are thrilled for this next chapter as we seek to unlock even greater value for talent and our producer partners,” said Graham Taylor and Chris Rice, Endeavor Content’s co-CEOs, in a joint statement. “With the addition of CJ ENM, our mission to empower creators and foster an inclusive environment that promotes diverse content on a global scale only grows stronger.”