CJ ENM sets up production studio focused on OTT content

South Korea’s entertainment giant CJ ENM Co. established a studio specializing in content for over-the-top (OTT) platforms at home and abroad as a part of the company’s plan to strengthen its global production and multi-studio structure.

CJ ENM said on Tuesday it has recently launched CJ ENM Studios with an equity capital of 700 billion won ($57.4 million). The unit is set to focus on OTT production content for a global audience, covering a wide spectrum of various genres.

It also plans to recruit star talents and creators while expanding its presence through mergers and acquisitions of top-tier production companies. It will unveil details on the business strategies and content lineups in the first half.

CJ ENM Studios is the company’s third TV production hub after drama powerhouse Studio Dragon Corp. behind global hits such as Crash Landing on You, and US-based global content firm Endeavor Content, which has been involved in the production and distribution of many Golden Globe and Oscar award-winning films including La La Land.

“CJ ENM Studios, alongside existing production powerhouse Studio Dragon and recently acquired Endeavor Content, will serve as another basecamp for content production,” CJ ENM said in a statement.

“The strategic move to launch CJ ENM Studios comes at a time where there is high global demand for K-content, and the multi-studio structure will serve as one of CJ ENM’s core global competitiveness.”

CJ ENM appointed Ha Yong-soo, the company’s head of business development and investment, as CJ ENM Studio’s CEO. Ha worked for CJ ENM’s business strategies and M&A after joining in 2018.

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