ViacomCBS and CJ ENM announced a new strategic partnership that will bring premium entertainment to audiences worldwide with a comprehensive global deal that includes co-productions for original series and films, content licensing and distribution across ViacomCBS' and CJ ENM's leading streaming services. Both companies also announced that the Paramount+ streaming service will 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.
"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’. 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," said Dan Cohen, President of Global Distribution Group at ViacomCBS.
ViacomCBS and CJ ENM will leverage their combined global reach, production capabilities, world-renowned IP and hit-making pedigree to deliver key synergy opportunities across both companies. In detail, 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+. Moreover, ViacomCBS and CJ ENM will co-develop and co-finance movies for theatrical and streaming releases with the plan to distribute one theatrical movie a year in various territories.
Meanwhile, ViacomCBS and TVING will co-finance new Korean series for global distribution on Paramount+. At the same time, Paramount+ will license Korean-language series from CJ ENM's deep library of IP. Lastly, Pluto TV, the company’s free ad-supported streaming television service (FAST) in America, will launch a dedicated CJ ENM branded channel on December 14 featuring K-content for US audiences.
"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. 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," commented Kang Ho-Sung, CEO of CJ ENM.
"We are focused on the rapid expansion of Paramount+ in markets around the world. Our strategic partnership with TVING enables us to accelerate Paramount+ subscriber growth while bringing more premium content to audiences in this important market," commented Raffaele Annecchino, President and CEO of ViacomCBS Networks International.