ViacomCBS and CJ ENM today announced a new strategic partnership that will bring premium entertainment to audiences worldwide with a comprehensive global deal that includes co-productions for original series and films, content licensing and distribution across ViacomCBS’ and CJ ENM’s leading streaming services.
Paramount+ will also debut in South Korea in 2022 as an exclusive bundle with TVING, CJ ENM’s streaming service, marking its first entry to the Asian market.
“Korean entertainment has become a cultural juggernaut with unprecedented demand, and CJ ENM is behind some of the biggest international hits that transcend borders, including Academy Award-winning film Parasite,” said Dan Cohen, President, Global Distribution Group, ViacomCBS. “We are excited to partner with CJ ENM to deliver world-class content that will captivate our collective audiences, expand our intercontinental footprint and accelerate the growth of our streaming services with this powerful collaboration.”
- ViacomCBS and CJ ENM will leverage their combined global reach, production capabilities, world-renowned IP and hit-making pedigree to deliver key synergy opportunities across both companies:
- Paramount Television Studios and CJ ENM/Studio Dragon will co-develop and co-produce English-language scripted series based on CJ ENM/Studio Dragon’s titles for exhibition on Paramount+.
- ViacomCBS and CJ ENM will co-develop and co-finance movies for theatrical and streaming releases with the plan to distribute one theatrical movie a year in various territories.
- ViacomCBS and TVING will co-finance new Korean series for global distribution on Paramount+.
- Paramount+ will license Korean-language series from CJ ENM’s deep library of IP.
- Pluto TV, the No. 1 free ad-supported streaming television service (FAST) in America, will launch a dedicated CJ ENM branded channel on December 14 featuring K-content for U.S. audiences.
“CJ ENM is growing into a global leading entertainment company in accordance with Chairman Lee Jay-Hyun’s vision of expanding CJ’s presence on a global level,” said Kang Ho-Sung, CEO, CJ ENM. “CJ ENM’s vast library of original IP will create synergy with ViacomCBS’ production capabilities and distribution channels to develop into global smash-hit content.”
“We are focused on the rapid expansion of Paramount+ in markets around the world,” said Raffaele Annecchino, President and CEO, ViacomCBS Networks International. “Our strategic partnership with TVING enables us to accelerate Paramount+ subscriber growth while bringing more premium content to audiences in this important market.”
Other terms of the agreements were not disclosed.
