Feb 12, 2020 - Economy & Business

"Parasite" studio CJ Entertainment buys into Hollywood

CEO of Skydance Media David Ellison (left) with Terminator actors on Oct. 23, 2019 in Beijing, China. Photo: VCG/VCG via Getty Images

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

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"Parasite" makes history with Oscars win

Director Bong Joon-ho accepting an Oscar for "Parasite" onstage during the 92nd Academy Awards. Photo by Kevin Winter/Getty Images

"Parasite" won the top award at the Oscars on Sunday night — becoming the first foreign language film to do so in the 92-year history of the Academy Awards.

Why it matters: It's a historic moment for the entertainment industry, which has been criticized for its lack of diversity on and off the screen.

Go deeperArrowUpdated Feb 10, 2020 - World

Trump pans "Parasite" during Colorado rally

Photo: Jim Watson/AFP via Getty Images

Ad-libbing at his rally in Colorado Springs, President Trump attacked "Parasite," which this month became the first non-English-language film to win the Best Picture Oscar, prompting Neon, the studio behind the film, to hit back that "he can't read."

What Trump said: "What the hell was that all about? We've got enough problems with South Korea with trade. On top of that, they give them best movie of the year. Was it good? I don't know. ... Can we get like 'Gone with the Wind' back, please? 'Sunset Boulevard' — so many great movies."

Peter Thiel's Founders Fund isn't really Peter Thiel's Founders Fund

Illustration: Photo Illustration: Eniola Odetunde/Axios. Photos: Charles Eshelman, Steve Jennings, and Chip Somodevilla/Getty Images

Founders Fund has raised $3 billion for a pair of new funds, so expect a slew of headlines about how "Peter Thiel's venture capital firm" is now flush with cash.

Behind the scenes: Thiel is essential to Founders Fund, but he's not autocratic. Instead, Axios has learned that he's one of three people with veto power over most FF investments, and is unable to do a deal without approval of the other two.