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.
They revealed that Paramount+ will launch in South Korea next year as an exclusive bundle with 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.
Meanwhile, the pair will co-develop and co-finance movies for theatrical and streaming release, with plans to distribute one theatrical movie a year in various territories.
Some terms of the agreement remain undisclosed.
ViacomCBS President, Global Distribution Group, Dan Cohen said the move will “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.”
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.