The company that produced “Parasite” is in talks to buy Endeavor’s scripted content arm.
The South Korean media conglomerate whose entertainment arm produced the 2019 Oscar winner for Best Picture, “Parasite,” is in final talks to acquire a controlling stake in the scripted arm of Endeavor Content, a subsidiary of the Endeavor Group talent agent, two of the people familiar with the negotiations said.
Under the deal, which people familiar with the negotiations said was valued at between $ 900 billion and $ 1 billion, South Korean conglomerate CJ ENM would own 80% of the company and Endeavor Group 20%.
The Wall Street Journal reported the news earlier. Neither Endeavor Content nor CJ would comment on the discussions.
Endeavor is being forced to scale back its stake in its scripted content business following a deal this year with the Writers Guild of America, whose writers went on strike to protest what they saw as a conflict. interests in agencies that possessed both talents. representation companies and production companies.
Endeavor is under no obligation to sell its unscripted assets and will retain 100% ownership of this business.
Endeavor Content was formed in 2017 by Graham Taylor and Chris Rice. Today it defines itself as a global film and television studio and has produced projects such as “Nine Perfect Strangers”, a Hulu miniseries with Nicole Kidman, and Maggie Gyllenhaal’s first film, “The Lost Daughter. “. He owns a minority stake in Bruna Papandrea’s production company, Made Up Stories, in addition to PictureStart and Media Res.
Mr. Taylor and Mr. Rice will remain co-managing directors of the new company, people familiar with the deal said.
CJ has expanded its presence in Hollywood in recent years. Miky Lee, vice president of CJ Entertainment, the Hollywood arm of CJ ENM, rose to the national stage when she accepted the Oscar for Best Picture for “Parasite,” but she was a Hollywood player before that. , pushing CJ to Hollywood in the 1990s with a stake in DreamWorks. Most recently, she invested $ 100 million in David Ellison’s Skydance Media and was elected vice-chair of the board of directors of the Academy Museum of Motion Pictures.