South Korean entertainment giant CJ ENM Co. has acquired a controlling stake in Eccho Rights, global film and television rights management and distribution company based in Sweden, as a part of its global campaign.
The Korean media company said the deal will aid to secure greater sales network in markets like Europe and Middle East. Terms of the deal including the stake size and value were not disclosed.
Eccho Rights has offices in Stockholm, Istanbul, Madrid, Seoul and Manila. It has licensed more than 15,000 hours of TV series to clients globally and has sales network in Russia and India as well as Europe. The company will continue to operate under its existing management and name, according to the sources.
The Korean media giant’s parent CJ Group with business spanning from entertainment to food and logistics has been eager to expand its global outreach. Last month, its food and bio unit CJ CheilJedang Corp. acquired a controlling stake in American food distributor Schwan’s Company for $1.84 billion, making its biggest-ever M&A project. The group currently is reportedly after German logistics company Schnellecke.
By Chung Seok-hwan and Cho Jeehyun
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