CJ NowCJ ENM Enters into a Content Alliance with ViacomCBS
CJ ENM today announced that it has formed a partnership with a one of the top US media companies, ViacomCBS. This is yet another global move the company has made since it has acquired international content studio, Endeavor Content, last month, drawing global attention toward CJ ENM’s future strategy and performance.
CJ ENM Builds a Collaborative Relationship with One of the Four Major Media Conglomerates in the US, ViacomCBS, after Acquiring Endeavor Content
CJ ENM and ViacomCBS will collaborate on all fronts, including joint production and investment on content based on heightened global interest on Korean content and strong confidence between the two companies. CJ ENM will set out to produce premium global content, leveraging ViacomCBS’s world-class production capabilities and enhance its global competitiveness by taking advantage of a distribution channel in North America.
CJ ENM and ViacomCBS announced a plan to start producing content, such as film and drama, based on CJ ENM’s original IPs, and continue to work together across all phases, from joint planning and development, production, investment, to distribution. As for dramas, CJ ENM’s Studio Dragon and a ViacomCBS subsidiary, Paramount Plus, will work together, and for movies, CJ ENM will partner with Paramount Pictures.
Global Platform Pluto TV to Distribute CJ ENM Content Worldwide through Paramount Plus
On December 14, CJ ENM will launch a CJ ENM brand section, K-Content by CJ ENM, on Pluto TV, a streaming service from ViacomCBS. Pluto TV provides its service in 26 countries around the world and has over 54 million monthly active users (MAUs) as of 3Q 2021. Over-the-top (OTT) media service platform Paramount Plus will also feature CJ ENM’s dramas. This is anticipated to introduce CJ ENM content to millions of global viewers and boost the brand recognition of CJ ENM.
In particular, ViacomCBS and CJ ENM have agreed to collaborate in multiple ways to strengthen the competitiveness of CJ ENM’s OTT platform, TVING. To that end, ViacomCBS will launch a Paramount Plus Brand section in TVING and service ViacomCBS’s hit content to TVING members from a single channel. When ViacomCBS content like Star Trek: Discovery and Paw Patrol and Friends, beloved by world viewers, are incorporated into TVING’s content portfolio, it will significantly bolster the company’s competitiveness. In addition, ViacomCBS has decided to invest in TVING shares as a strategic investor and make a joint investment in production of TVING’s seven original content.
CJ ENM Forms a Collaborative Relationship with ViacomCBS, One of Four Major Media Giants in US, Following the Acquisition of Endeavor Content
In November 19, CJ ENM acquired a global studio, Endeavor Content, as it embarks on a journey to become a global total entertainment company. With the announcement that it had developed a partnership with ViacomCBS shortly after the acquisition, CJ ENM sent a signal that it will continue to work with major global players. That said, CJ ENM is quietly focusing on its multi-studio system including Endeavor Content to achieve robust results by collaborating with major international studios.
CJ ENM CEO Kang Ho-sung said, “CJ ENM is growing into a global total entertainment company based on the Chairman Jae-hyun Lee’s vision of expanding the global cultural territory. We look forward to seeing CN ENM’s original IPs become killer content globally through ViacomCBS’s production capabilities and distribution channels.”
Dan Cohen, President of the ViacomCBS Global Distribution Group said, “Korea’s entertainment business is growing at breakneck speed based on the unprecedented global demands. CJ ENM is releasing various works that have become huge international hits, such as the Oscars winning Parasite. I am delighted to present world-class content through this partnership with CJ ENM, that will accelerate the growth of streaming services that have transcended the boundaries and captivated the world audience.”
ViacomCBS is a diversified multinational mass media and entertainment conglomerate in the US. Their brands include CBS, Showtime, Paramount Pictures, Nickelodeon, MTV, BET, Paramount Plus, and Pluto TV. They are the most-watched cable network and are engaged in a comprehensive media business, from broadcasting and streaming service to content production, distribution, and advertisement.
On top of the acquisition of Endeavor Content and forming a partnership with ViacomCBS, CJ ENM is accelerating its entry into the world market forging partnerships with numerous global content companies. CJ ENM is jointly planning and developing US adaptations of CJ ENM Ips, such as the drama, Hotel del Luna, through a partnership with a US production company, SkydanceMedia, which has produced mega-hit blockbuster movies including Terminator and Mission: Impossible. CJ ENM is also making an original US drama, The Big Door Prize, slated to debut globally on Apple TV+. The company is also working on a TV adaptation of Parasite to air on a leading US television company, HBO. Moreover, it has gone into a strategic partnership with a Japanese terrestrial broadcasting company, the TBS Group, and the largest Japanese animation company, Toei Animation, in June and October respectively to develop, plan, and produce IPs that target the global market.