Our firm has successfully advised on a precedent-setting deal involving a simultaneous merger (Merger) among six companies (including four listed companies) within CJ Group. Upon consummation of this deal, O Media Holdings Co., Ltd, CJ Media, Inc, On Media Corporation, CJ Entertainment Inc, Mnet Media, Inc and CJ Internet were merged into CJ E&M Corporation.
The complexity and unprecedented nature of this deal is evident in that it involved a simultaneous merger among one KOSPI-listed company, three KOSDAQ-listed companies and two non-listed companies. This deal, which spanned four months from the date of signing (i.e., November 2010) to the date of closing (i.e., March 2011), required expertise and experience of our lawyers at every critical stage of the deal, ranging from formulating an optimal deal structure, reviewing all legal and regulatory issues, preparing a merger agreement and other transaction documents to obtaining necessary approvals from all relevant regulatory or supervisory authorities including the Financial Services Commission and Korea Communications Commission.
Following the Merger, CJ Group has become the only multiple contents provider in Korea with a consolidated media business encompassing broadcasting, motion pictures, music/performances, and games and it is expected that CJ Group’s media business would strengthen significantly.
Our firm, being the sole legal adviser to this deal, has been lauded for bringing this highly challenging and sophisticated deal to a successful closing and has, once again, consolidated its position as a market leader in the areas of large-scale mergers.