ViacomCBS and CJ ENM say they will their combined global reach, production capabilities, world-renowned IP and hit-making pedigree to deliver key synergy opportunities across both companies:
The partnership includes co-productions for original series and films, content licensing and distribution across ViacomCBS’ and CJ ENM’s streaming services. 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 the Paramount+ direct-to-consumer platform.
The companies will also co-develop and co-finance films 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+ which will also license Korean-language series from CJ ENM’s deep library of IP. The Pluto TV ad-supported streaming television service (FAST) in America, will launch a dedicated CJ ENM branded channel on December 14 featuring K-content for US audiences.
Commenting on the deal, Dan Cohen, President, global distribution group, ViacomCBS said: “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. 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.”
“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,” saadded id 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.” Rapid TV News