CJ NowTVING Officially Announces Merger With KT Seezn
TVING Decides to Merge with KT Seezn as Its First Big M&A Since Launching
Korea's leading over-the-top (OTT) platform TVING (CEO Yang Ji-eul) announced on the 14th (Thursday) that it had decided to merge with KT (CEO Ku Hyeon-mo)’s OTT service KT Seezn. This is the first M&A since the launching of TVING. The merger strategy is intended to expand both companies’ influence in both the domestic and global OTT markets through all-round synergy, such as the content competitiveness of the two companies and the combination of OTT and communications.
TVING made the decision to merge with KT Seezn at the board meeting on the 14th (Thursday). With this decision, TVING will strengthen its technology and services by combining KT Seezn's business organization with its own original content production skills and OTT technology. The merger will take place in the form of TVING’s acquisition of KT Seezn on December 1st (Thursday).
This merger was made as part of a business partnership between CJ ENM and KT in the first half of last year. The two companies signed a memorandum of understanding (MOU) in March and announced a strategy to strengthen their partnership in the media and content market. Accordingly, TVING is expanding the scope of this business partnership, starting with the launch of the product ‘TVING/Genie Choice’ that offers TVING benefits for KT 5G Choice. CJ ENM plans to strengthen the partnership to continue to create synergy across a variety of fields, in addition to investing KRW 100 billion in KT Studio Genie.
“To Become the Leader of Korean OTT” With All-Round Synergy, Such as Stronger Media-Content Collaborations and Joint Products
JTBC had joined TVING after it launched as an independent corporation from CJ ENM in October 2020. TVING has been enhancing its competitiveness by attracting equity investments from Naver in June 2021, which has various source IPs, such as webtoons and web novels. Starting with the first original content ‘Girls’ High School Mystery Class,’ it has been enhancing competitiveness with unique original contents such as ‘Seoul Check-in,’ ‘Yumi’s Cells,’ ‘Work Later, Drink Now,’ ‘Exchange,’ ‘The King of Pigs,’ and ‘Monstrous.’ In addition, it is strengthening its service technology through live broadcasting of various concerts and sports events, such as soccer, UFC, boxing, and tennis.
TVING has shown rapid growth in its number of paid subscribers based on its unrivaled original content and technology and succeeded in attracting an investment of KRW 250 billion, winning recognition for its high enterprise value worth about KRW 2 trillion. Recently, TVING has been strengthening its strategic partnerships with top global entertainment company Paramount by offering the Paramount Plus streaming service, co-producing original content, and also investing in content.
KT’s OTT platform Seezn is an OTT service that has a variety of content, including real-time broadcasting channels, the latest movies, popular global series, a catch-up service, and differentiated original content that are available only on Seezn. It has strengthened its OTT competitiveness by exclusively releasing differentiated content in various forms from short to mid-form content, and its major original content includes ‘Hope or Dope,’ ‘Crime Puzzle,’ ‘Never Give Up,’ ‘Another Record,’ ‘Love Mafia,’ and ‘Off The Grid,’ as well as ‘Extraordinary Attorney Woo,’ which has recently become a big sensation.
TVING Accelerates Its Growth Into the World’s No.1 K-Content Platform in Response to the Higher Status of K-Content and the Changing Ecosystem of OTT Platforms
With this merger, TVING will actively engage in producing and exchanging high-quality content, implementing diversified distribution strategies, and upgrading viewing service quality to grow into the ‘world’s No.1 K-content platform’.
“The merger of TVING and KT Seezn is aimed at actively coping with the development of the K-content industry with the recently increased global status and the changing ecosystem of OTT platforms,” said TVING CEO Yang Ji-eul. “TVING will become the world’s No.1 K-content platform beyond Korea based on the two companies’ content production infrastructure and communications technology.”