Netflix, CJ ENM enter partnership

Ted Sarandos pictured at SeriesFest 2019 (Photo: Tom Cooper/Getty Images)

Global streaming giant Netflix and South Korean media company CJ ENM have struck a three-year production and distribution agreement.

As part of the deal, which begins in 2020, CJ ENM production outfit Studio Dragon and its roster of creators will produce original series that Netflix will offer to its subscribers around the world.

The partnership will also give Netflix distribution rights to other select Studio Dragon titles, while CJ ENM will have the right to sell up to 4.99% of Studio Dragon shares to Netflix at an unspecified date.

The arrangement extends the relationship between the South Korean firm and Netflix, which already offers Studio Dragon shows such as Stranger, Mr Sunshine, Memories of Alhambra, Romance is a Bonus Book and Arthdal Chronicles.

CJ ENM CEO Minheoi Heo said: “CJ ENM is leading the market and expanding its huge achievement in Korea to overseas. As we have continuously focused on strengthening borderless content and expanding global distribution, the partnership with Netflix will introduce Korean content to global audiences, while providing new experiences and values.”

Jinnie Choi, CEO of Studio Dragon, added: “Today’s announcement is a recognition that Korean storytelling and production capabilities are beloved by global audiences and reaffirms the content-creation prowess of both CJ ENM and Studio Dragon.”

Ted Sarandos, Netflix chief content officer, said: “This partnership with CJ ENM and Studio Dragon demonstrates our commitment to Korean entertainment and allows us to bring more top-tier Korean drama to Netflix members in Korea and all over the world.”