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[Alpha Biz=(Chicago) Reporter Kim Jisun] CJ Group has recently begun to lose weight in earnest, including the sale of non-core assets, in a bid to preemptively respond to the worsening performance of its major affiliates.
Related businesses and CJ CGV (079160) of CJ CheilJedang (097950), whose profitability has sharply shrunk, including CJ ENM (035760), which turned into a deficit this year, are also subject to reorganization.
According to the investment banking (IB) industry on the 17th, CJ ENM has recently started to select an advisor for securities firms and accounting firms to sell its non-core subsidiaries in the media business sector, including its subsidiary Mezzo Media.
Mezzo Media is a digital marketing company with a 51% stake in CJ ENM. Last year, it recorded sales of 80.6 billion won and operating profit of 18.1 billion won, respectively.
CJ ENM sold its content platform Deplot to its affiliate CJ Olive Young in March this year, and T-Ving, an online video service (OTT) platform, is also discussing business reorganization through merger with Wave, a subsidiary of SK Square.
The IB industry believes that CJ ENM's stake (21.78%) can also be put up for sale at any time.
Netmarble, a listed company, is currently worth more than 910 billion won in market value. However, an CJ ENM official said, "We are not considering selling Mezzo Media."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
