CJ ENM acquires $82m stake in KT’s Studio Genie

CJ ENM has invested ₩100 billion, equivalent to $82 million, to take a stake in Studio Genie, the content production arm of telecoms provide Kora Telecom. “The cooperation with KT, a leading media platform operator, will give a big boost to CJ ENM’s efforts to become a global entertainment company,”  CJ ENM CEO Kang Ho-sung said. “We will expand the partnership to create synergy across content businesses.”

The move follows the company's decision to close on a $785m takeover of US-based Endeavor Content and follows its 2018 acquisition of Nordic distributor Eccho Rights as the firm expands globally. The initiative is intended to “increasing the competitiveness of CJ ENM channels such as tvN and OCN and OTT content from TVing,” and further drive its global growth ambitions, according to CJ ENM.  The size of the stake acquired was not disclosed.

The investment gives the conglomerate the rights to a “significant amount” of content created by Studio Genie, whose subsidiaries include producer and distributor StoryWiz, reading platform Milly’s Library and music streamer Genie Music.  The agreement will also give CJ ENM early distribution rights to Studio Genie original content, which will be streamed or aired on CJ ENM-owned TV channels. CJ ENM will also gain access to viewing data from KT, giving the firm valuable information on audience trends.

Last year, CJ ENM, credited with global, popular title, "I Can See Your Voice" and Bong Joon-ho’s Oscar-winning thriller "Parasite," unveiled plans to invest more than ₩5 trillion, equivalent to $4.5 billion in content creation in a bid to expand its global presence.