EDR - Endeavor Group divest 80% stake in scripted business of content studio for $775M

CJ ENM have agreed to acquire an 80% stake of the scripted business of U.S.-based global content studio, Endeavor Content, from its parent company Endeavor Group (NYSE:EDR) for $775M in total proceeds at an enterprise valuation of $850M, including $655M to Endeavor and a contribution of $120M of capital to Endeavor Content's balance sheet. The deal to acquire the 80% stake, including management rights, was approved by CJ ENM's board of directors on November 19. The deal is the largest M&A for CJ ENM, which first invested in DreamWorks and jumped into the content business 26 years ago and will serve as a new growth engine towards CJ ENM’s vision as a ‘global total entertainment company’. Endeavor will retain 20% of the scripted portion of the business, in addition to retaining the non-scripted portion of the business, as well as certain documentary and film sales and financing consulting services. Endeavor Content's

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Endeavor Group divest 80% stake in scripted business of content studio for $775M