ViacomCBS strikes copro and licensing pact with Korea’s CJ ENM

US media group ViacomCBS and South Korea’s CJ ENM have agreed a multi-faceted global partnership covering coproductions, licensing and distribution.

Raffaele Annecchino

Under the deal, Paramount Television Studios and CJ ENM/Studio Dragon will co-develop and coproduce English-language scripted series based on CJ ENM’s titles for exhibition on Paramount+.

Meanwhile, ViacomCBS’s streaming service Paramount+ will launch in South Korea next year as part of an exclusive bundle on CJ ENM’s streamer TVING, marking Paramount+’s first entry into the Asian market.

“We are focused on the rapid expansion of Paramount+ in markets around the world,” said Raffaele Annecchino, president and CEO, ViacomCBS Networks International.

“Our strategic partnership with TVING enables us to accelerate Paramount+ subscriber growth while bringing more premium content to audiences in this important market.”

The companies will also co-develop and co-finance feature films for theatrical and streaming releases, with the goal of jointly releasing one movie each year.

In addition, ViacomCBS and TVING will co-finance new Korean series for global distribution on Paramount+, with Paramount+ also set to license Korean-language series from CJ ENM’s library of IP.

“CJ ENM’s vast library of original IP will create synergy with ViacomCBS’s production capabilities and distribution channels to develop into global smash-hit content,” said Kang Ho-Sung, CEO of CJ ENM.

In addition, ViacomCBS’s ad-supported streaming platform Pluto TV will launch a dedicated CJ ENM-branded channel in the US on December 14.

The deal comes as CJ ENM, which is known for its Oscar-winning feature Parasite and unscripted formats including I Can See Your Voice, pushes to become a truly global player in the content business.

Last month, the Seoul-based company revealed it had acquired an 80% stake in the scripted division of LA-based studio Endeavor Content for US$775m.

The Korean company is also the owner of Sweden-based distributor Eccho Rights and is a strategic investor in US-based Skydance Media.