South Korean entertainment and mass media company CJ ENM has struck a deal to acquire an 80% stake of the US-based global premium content studio, Endeavor Content, from its parent company Endeavor Group Holdings.
O’Melveny & Myers (OMM) advised CJ ENM, while Latham & Watkins assisted Endeavor Content.
The agreement will see the Seoul-based firm invest USD775 million, including a USD120 million contribution to Endeavor Content. The deal values the company at close to USD970 million.
Latham & Watkins team was led by partner Justin Hamill in New York, partner Rick Offsay in Los Angeles, and New York counsel Michael Anastasio and Robert McGuire.
The OMM team in Los Angeles was led by partner and Korea corporate practice head Daniel Kim, and assisted by partners Amy Siegel and Silvia Vannini, counsel Rob Catmull and Zach Greenberg. Partner Robert Fisher and counsel Billy Abbott advised on tax issues.
CJ ENM is best known for its recent multiple Academy Award-winning film Parasite. The company division engages in various businesses across the industry spectrum including media content, music, film, performing arts and animation.
The acquisition is the largest M&A for CJ ENM, which first invested in DreamWorks and jumped into the content business 26 years ago.
Endeavor Content was launched in 2017 in Beverly Hills, California. The production advisory, sales, and distribution studio has owned, financed, and/or sold more than 125 films and TV series that have garnered more than 69 Emmy wins and nominations and 59 Academy Award wins and nominations.