[Courtesy of Netflix]
SEOUL -- In a bid to accelerate the global popularization of South Korean media content, Seoul-based entertainment media giant CJ ENM joined hands with American media dinosaur ViacomCBS to cooperate in global content distribution. The American media company will create and distribute content based on CJ's intellectual property through ViacomCBS' online media channels.
CJ ENM is South Korea's leading media company which has Studio Dragon, a drama production studio that created "Kingdom: Ashin of the North," a spin-off series of a globally-popular Netflix Original drama series that depicts a zombie-infested dynastic kingdom, and "Sweet Home," a Netflix fantasy thriller drama series. In November 2021, CJ ENM made a $775 million investment into Endeavor Content, an American holding company for talent and media agencies, to acquire an 80 percent stake.
CJ ENM with some 20 popular cable TV channels such as tvN, Mnet and OCN is South Korea's largest drama maker that produces drama series through its production studios and distributes content through cable TV channels.
CJ ENM said in a statement on December 8 that the company has signed an omnidirectional cooperation agreement with ViacomCBS to jointly work on the production, investment and distribution of content based on CJ ENM's IP. Studio Dragon and Paramount Plus, the media steaming division of ViacomCBS, will cooperate in the production of various drama series. Paramount Pictures, the movie studio wing of ViacomCBS, will produce film content.
"Through ViacomCBS' world-class production capabilities, CJ ENM will cooperate in the creation of premium content to upgrade the company's influence in the global market," the South Korean media company said. CJ ENM will open a brand content channel in Pluto TV, ViacomCBS' internet television service, on December 14 to provide media content to 26 countries. Pluto TV has more than 5.4 million monthly active users. CJ ENM's content will also be provided through Paramount Plus.
While ViacomCBS is preparing to open a new path to the world's audience for its South Korean partner, CJ ENM will introduce its American counterpart's content through Tving, an over-the-top (OTT) online streaming service, in the first half of next year. ViacomCBS would secure a stake in Tving and co-invest in seven Tving original drama content. Financial details were not disclosed.
"CJ ENM's exclusive IP will become the true global killer content through ViacomCBS' media production capabilities and distribution channels," CJ ENM CEO Kang Ho-sung was quoted as saying.
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