Sports and entertainment company Endeavor Group Holdings, Inc. announced Jan. 19 the completion of an 80% stake sale of Endeavor Content, to CJ ENM, a South Korean-based entertainment company.
The sale is valued at $785 million in total proceeds that will go to Endeavor and Endeavor Content, according to Business Wire. While 80% of Endeavor Content's stake has been sold off, the company will retain 20% of Endeavor's scripted division.
“Endeavor Content will be the key driving force for CJ ENM’s global growth,” said Kang Ho-Sung, CEO of CJ ENM, according to Variety. “CJ ENM plans to produce and distribute its own content for viewers all around the world with Endeavor Content, now part of the multi-studio, as the global basecamp.”
Endeavor's executives Graham Taylor and Chris Rice will continue to manage studio operations, Business Wire reported.
CJ ENM has operations in movie production, TV shows, music, and performing arts, Variety reported. Popular productions include Oscar-winner “Parasite,” and the variety television program “I Can See Your Voice.”
Endeavor is a global sports and entertainment company comprised of industry leaders including entertainment agency WME, sports, fashion, events, and media company, IMG, as well as UFC, a mixed martial arts organization, according to Business Wire.