CJ ENM partners with US-based production firms
By Shim Woo-hyun
CJ ENM said Wednesday it has signed a strategic partnership deal with US-based production giant Skydance Media to increase its foothold in the global market.
The company and New York-based hedge fund RedBird Capital Partners have made investments worth $275 million in David Ellison’s Skydance Media, according to the firm.
Skydance Media was first started in 2010 by the 37-year-old son of Oracle founder Larry Ellison. It is well-known for its big-budget films such as “Star Trek,” “Mission: Impossible” and “Terminator.”
The partnership is expected to allow both production firms to tap each other’s regional markets. The two entities will also boost joint productions down the road, according to the company.
“CJ is singularly focused on strengthening borderless content to attract global audiences. With partners who share our vision, together we will create exceptional content to define the next chapter of the entertainment industry,” CJ ENM CEO Min Heoi-heo said in a statement.
Meanwhile, CJ ENM also announced its investment in Dexter Studio, a local production company specializing in visual effects -- an attempt to secure technological backups.