Why ‘Parasite’ Studio CJ Entertainment Is Betting Big on Skydance

February 14, 2020Media Mention
The Wrap

On the heels of its historic and celebrated multi-win night at the 92nd Academy Awards, the South Korean powerhouse studio behind “Parasite” is looking to parlay its best picture win into a bigger spotlight in Hollywood. CJ Entertainment and Merchandising, headed by Miky Lee, along with RedBird Capital Partners, this week announced an investment of $275 million in Skydance Media, the film and TV production vehicle founded by David Ellison.

The move not only positions Skydance for foreign expansion, even as it comes off two significant box office flops with “Terminator: Dark Fate” and “Gemini Man,” but also extends the reach into Hollywood for CJ Entertainment, which already has a host of English-language films in the pipeline, including a Kevin Hart remake of Korean box office hit “Extreme Job.”

“Every successful foreign film company wants to plant its flag in Hollywood,” said Sky Moore, a partner at the law firm Greenberg Glusker. “This is the center of the universe.” Lee, who stepped to the microphone on the Dolby stage on Oscar Sunday to uproarious encouragement, is an heiress who took her slice of the family fortune to become the most powerful media mogul in South Korea.