이 기사는 2021년 11월 23일 08시05분 thebell에 표출된 기사입니다

South Korea’s CJ ENM is set to split off its content production business into a separate entity, a move aimed at improving the efficiency of the business and expanding capabilities to make content for global audiences.

CJ ENM, best known as the producer of the Oscar-winning “Parasite,” said on Friday that it would separate its business focused on the production of films, dramas, TV shows and animations to create a new wholly owned subsidiary.

“After the separation, CJ ENM will focus on the development of intellectual property and the distribution, while its studio subsidiaries and their production units will be in charge of planning and producing content,” an official at CJ ENM said, adding that this will help increase the efficiency of each organization’s roles.

The decision came five years after CJ ENM separated its drama production unit to create the company's first studio subsidiary, Studio Dragon, in 2016. Studio Dragon successfully went public on the Kosdaq in the following year.


CJ ENM’s acquisition of Hollywood studio Endeavor Content is also part of efforts by the South Korean entertainment company to strengthen its production capabilities and expand its footprint into global markets. The $775 million deal, which was announced on Friday, is expected to close before the end of this year.

After the planned restructuring, CJ ENM’s studio subsidiaries will own the country’s leading production companies including Moho Film, Hwa & Dam Pictures, Culturedepot and Blaad Studios.

“A shift into the multi-studio system through the acquisition of Endeavor Content and the creation of the new studio subsidiary marks the beginning of our efforts to become a global player in the media and entertainment industry,” said Kang Ho-sung, chief executive of CJ ENM. “We will continue efforts to expand into global markets and lead innovations.” (Reporting by Nu-ri Moon)