ViacomCBS and CJ ENM have entered into a partnership
ViacomCBS and CJ ENM Ink Global Content Pact, Will Launch Paramount Plus in South Korea
ViacomCBS and South Korea’s CJ ENM announced a global content deal encompassing coproductions for original TV shows and films as well as content licensing and distribution across the companies’ streaming services.
News of the deal comes less than a month after CJ ENM paid nearly $1 billion for an 80% stake in Endeavor Content, the production entity that Endeavor was forced to divest after losing a showdown with the Writers Guild of America.
The wide-ranging deal will see Paramount Television Studios and CJ ENM/Studio Dragon co-develop and co-produce English-language scripted series based on CJ ENM/Studio Dragon’s titles to debut on Paramount+.
Also, ViacomCBS and CJ ENM will co-develop and co-finance movies for theatrical and streaming releases, with plans to distribute one theatrical movie a year in various territories.
Additionally, ViacomCBS and TVING will co-finance new Korean series for global distribution on Paramount+. Paramount+ will also license Korean-language series from CJ ENM’s library.
Meanwhile, Pluto TV will launch a dedicated CJ ENM branded channel on December 14 featuring K-content for U.S. audiences.
“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 of the global distribution group at 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.”
“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 of CJ ENM. “CJ ENM’s vast library of original IP will create synergy with ViacomCBS’s 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 of 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.”
Also under the pact, the companies will launch Paramount Plus in South Korea in 2022 as an exclusive bundle with CJ ENM’s TVING streaming service — marking its first launch in Asia.
The companies detailed some of the joint productions and collaborations planned under the partnership:
- Paramount Television Studios and CJ ENM/Studio Dragon will codevelop and coproduce English-language scripted series based on CJ ENM/Studio Dragon’s titles for distribution on Paramount Plus
- ViacomCBS and CJ ENM will codevelop and cofinance movies for theatrical and streaming releases with the plan to distribute one theatrical movie per year in various territories
- ViacomCBS and TVING will cofinance new Korean series for global distribution on Paramount Plus
- Paramount Plus will license Korean-language series from CJ ENM’s library
- Pluto TV, ViacomCBS’s free ad-supported streaming television (FAST) service, will launch a dedicated CJ ENM-branded channel on Dec. 14 featuring K-content for U.S. audiences
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