South Korean entertainment giant CJ ENM has acquired a majority stake in Eccho Rights, the Swedish global rights management and distribution company.
The deal is said to accelerate CJ ENM’s global expansion strategy and will help the media and merchandising conglomerate build out its content business in key markets across Europe, the Middle East and Latin America.
The Korean media company says the transaction will bring “synergies strengthening CJ ENM’s format business, content sales and distribution as well as developing the extensive catalog of IPs represented by Eccho Rights.”
Eccho Rights will continue to remain an independent company within the CJ ENM umbrella, operating under its existing management and brand.
Fredrik af Malmborg (pictured left) and Nicola Söderlund (right) will remain on as Eccho Rights shareholders and co-owners.
Eccho Rights will work both with the CJ group and other parties in Korea to continue to empower creativity with independent producers worldwide. The company has offices in Stockholm, Istanbul, Madrid, Seoul and Manilla, and over the past year, has licensed more than 15,000 hours of TV series to clients globally.
“The merger will create exceptional value for both sides to consolidate our global presence,” said Chul-yeon Kim, SVP of CJ ENM’s global business, in a statement. “This will substantially enable us to leverage our premium contents to reach worldwide audiences offering unique experiences and enjoyment.”
“CJ ENM is the ideal partner for Eccho Rights in our ambition to build on our business models in television drama for the future. Our experience in the Turkish and Western Drama market creates a very solid link to Korea and the rest of Asia. To be a part of CJ ENM will enable us to grow and to develop an even stronger offering to TV producers worldwide,” added Eccho Rights MD af Malmborg.