Toho's U.S. subsidiary agreed to invest $225 million for a 25% stake in Fifth Season, the film and TV studio controlled by South Korea's CJ ENM. CJ ENM remains the majority owner, and the partners agreed to co-develop content, including projects built on Toho's intellectual property. How the deal worked Toho's US subsidiary, Toho International, bought new shares, so the money went to Fifth Season itself. CJ ENM's stake fell from 80% to 60%, Endeavor's from 20% to 15%, and Toho became the second-largest shareholder. About Fifth Season Fifth Season, formerly Endeavor Content, makes the Apple TV+ series Severance. CJ ENM paid about $775 million for 80% in 2021, but the pandemic and the Hollywood writers' strike delayed its projects and caused heavy losses. Toho's timing The deal came days after Godzilla Minus One opened in US theaters to about $11 million. Toho president Hiro Matsuoka said the partnership would help it compete globally in live action as well as animation.
