The U.S. and South Korean conglomerates unveiled a string of ways in which they will “leverage combined global reach, production capabilities, world-renowned IP and hit-making pedigree” this afternoon.Parasite
distributor CJ ENM’s streamer TVING, marking the platform’s debut entry to the Asian market. Paramount+ is being rolled out in a wealth of new territories over the next 12 months. ViacomCBS’ Paramount Television Studios and CJ ENM/Studio Dragon will subsequently co-develop English language scripted series for Paramount+ along with co-financing local Korean series for the streamer with the aid of finance from TVING. Paramount+ will license Korean-language series from CJ ENM’s library and ViacomCBS’ AVoD Pluto TV will also launch a dedicated CJ ENM branded channel next week.
CJ ENM CEO Kang Ho-Sung said: “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.” The move comes shortly after CJ ENM bought an 80% stake in Endeavor Content for in a deal that valued the company at around $1BN.
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