Diversified US-based entertainment producer Skydance Media received $275m in funding yesterday from investors including entertainment studio CJ Entertainment and Merchandising and internet group Tencent.
Investment firm RedBird Capital Partners led the round while the Ellison family, which contains Skydance founder and chief executive David Ellison and his sister Megan, the founder and CEO of film producer Annapurna Pictures, also participated. It valued Skydance at $2.3bn according to Deadline.
Founded in 2010, Skydance produces film and television, with its motion picture output having included True Grit and entries in the Mission Impossible, Star Trek and Terminator franchises. Its TV shows include Grace and Frankie and Altered Carbon and are mostly concentrated on streaming platforms.
The company formed a gaming division called Skydance Interactive in 2016 and is developing animated films in partnership with a studio called Illion Animation.
CJ, which manages K-pop bands and television in addition to distributing films including recent Academy Award winner Parasite, invested as part of a strategic collaboration deal with Skydance.
Min Heoi Heo, chief executive of CJ Entertainment and Merchandising, said: “We are thrilled to be partnering with Skydance Media along with RedBird Capital, Tencent and the Ellison family.
“CJ is singularly focused on strengthening borderless content to attract global audiences. With partners who share our vision, together we will create exceptional content to define the next chapter of the entertainment industry.”
Tencent had previously invested more than $100m in the company in early 2018 in return for a stake sized between 5% and 10%.
