Paramount+ will also 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 the Academy Award-winning film ‘Parasite,’" says Dan Cohen, president, global distribution group, ViacomCBS. "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."
ViacomCBS and CJ ENM will leverage
- Paramount Television Studios and CJ ENM/Studio Dragon will co-develop and co-produce English-language scripted series based on CJ ENM/Studio Dragon titles for exhibition on Paramount+.
- ViacomCBS and CJ ENM will co-develop and co-finance movies for theatrical and streaming releases with plans to distribute one theatrical movie a year in various territories.
- ViacomCBS and TVING will co-finance new Korean series for global distribution on Paramount+.
- Paramount+ will license Korean-language series from CJ ENM IPs.
- Pluto TV will launch a dedicated CJ ENM-branded channel on Dec. 14 featuring K-content for U.S. 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," says Kang Ho-Sung, chief executive officer, CJ ENM. "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."
"We are focused on the rapid expansion of Paramount+ in markets around the world," says Raffaele Annecchino, president and chief executive officer, 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."
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