"Parasite" studio CJ Entertainment buys into Hollywood
Skydance Media, a Hollywood film studio whose franchises include Mission Impossible and Terminator, raised $275 million in new equity funding at around a $2.3 billion valuation. RedBird Capital Partners led, and was joined by South Korea's CJ Entertainment and return backer Tencent.
Why it matters: This comes just days after CJ Entertainment's Parasite became the first foreign-language film to win the Academy Award for best picture, and could help Skydance access a deep library of IP that hasn't yet been introduced to U.S. audiences.
The bottom line:
"I've looked at this space for the past 25 years and was uncomfortable with it, but the real game-changer is subscription video-on-demand... The model is phenomenal for financial investors because you can usually get costs back the day you deliver to an Amazon or Netflix, and then earn a contractual return over the next two to four quarters."— Gerry Cardinale, RedBird Capital Partners