NEW YORK and SEOUL, Korea—In the wake of the growing popularity of Korean content like “Squid Game” on Netflix, ViacomCBS and CJ ENM have announced a new strategic partnership to create content and distribute it to ViacomCBS' and CJ ENM's streaming services.
As part of the agreement, 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.
In addition, Pluto TV will launch a 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, 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."
As part of the effort, 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 also co-develop and co-finance movies for theatrical and streaming releases with the plan to distribute one theatrical movie a year in various territories.
In addition, ViacomCBS and CJ ENM’s streaming services TVING will co-finance new Korean series for global distribution on Paramount+ and Paramount+ will license Korean-language series from CJ ENM's deep library of programming.
"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."
Raffaele Annecchino, president and CEO, ViacomCBS Networks International also noted that “our strategic partnership with TVING enables us to accelerate Paramount+ subscriber growth while bringing more premium content to audiences in this important market."
Earlier this year, CJ ENM announced plans to build a virtual production studio in South Korea.
