Endeavor Group Holdings, Inc. (NYSE: EDR) disclosed that it has finalized the sale of an 80% holdings of the scripted business of U.S.-based global premium content studio, Endeavor Content, to CJ ENM which is a prominent entertainment company from Korea. The company has sold the holdings for nearly USD 785 million in total profit to Endeavor and Endeavor Content.
Endeavor has also confirmed that it has kept 20% of Endeavor Content's written business, as well as the non-scripted side of the company. Moreover, the company also has retained certain documentary and film sales and finance consulting services. Graham Taylor and Chris Rice, co-CEOs of Endeavor Content, will continue to oversee the company.
Previously, CJ ENM has inked a definitive agreement to buy an 80% stake of the scripted business of Endeavor Content, from its parent company Endeavor Group Holdings (NYSE: EDR) for USD 775 million in total profit at an enterprise valuation of USD 850 million on November 18, 202. The agreement also includes $655 million to Endeavor and a contribution of USD 120 million of capital to Endeavor Content’s balance sheet.
Earlier, on November 19, 2021, CJ ENM's board of directors authorized the acquisition of an 80 percent ownership in the company, including management rights (KST). Endeavor will keep 20% of the written business, as well as the non-scripted business and some documentary and film sales and finance consulting services.