ViacomCBS, CJ ENM join hands to expand global businesses

ViacomCBS Inc., one of the top four US media conglomerates, and CJ ENM Co., South Korea’s entertainment powerhouse, have teamed up to expand their global businesses.

CJ ENM and ViacomCBS announced a strategic partnership that will bring premium entertainment to audiences worldwide through a comprehensive global deal, including co-productions for original series and films, content licensing and distribution across their streaming services.

"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, in a statement.

ViacomCBS will launch its Paramount+ streaming service in South Korea in 2022 as part of an exclusive bundle with TVING, CJ ENM's streaming service. ViacomCBS will buy a stake in TVING and invest in seven original programs to be produced by the streaming service.

CJ ENM is set to launch its branded channel featuring K-content ranging from TV series and movies to pop music for US audiences on ViacomCBS’ Pluto TV, the US' top free ad-supported streaming television platform, on Dec. 14.

FROM DEVELOPMENT TO RELEASE

ViacomCBS and CJ ENM will leverage their combined global reach, production capabilities, world-renowned intellectual property (IP) and hit-making prowess to deliver key synergy opportunities across both companies.

"CJ ENM's vast library of original IP will create synergy with ViacomCBS' production capabilities and distribution channels to develop global smash-hit content," said CJ ENM CEO Kang Ho-sung.

Paramount Television Studios and CJ ENM, along with its domestic affiliate Studio Dragon Corp., will co-develop and co-produce English-language scripted series based on CJ ENM and Studio Dragon's titles for release 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 film a year in various territories.

CJ ENM has been aggressively expanding its global business with acquisitions. Last month, it took over Endeavor Content Parent, LLC., the producer and distributor of many Golden Globe and Oscar award-winning films including La La Land and Call Me By Your Name.

Write to Hee-Kyung Kim at hkkim@hankyung.com
Jongwoo Cheon edited this article.