South Korean leisure conglomerate CJ ENM has struck a deal to put money into KT (previously Korea Telecom). Step one within the new association sees CJ make investments KRW100 billion ($82 million) in shopping for a stake in KT’s Studio Genie.
“Studio Genie funding is aimed toward rising the competitiveness of CJ ENM channels similar to tvN and OCN and OTT content material from TVing,” CJ ENM officers defined.
CJ ENM obtains the primary rights to a “important quantity” of content material produced by Studio Genie. In return, Studio Genie will strengthen CJ ENM’s TV channels tvN and OCN in addition to TVing, which is aiming to rival Netflix as Korea’s prime streamer.
KT can even present media viewing information to CJ ENM enabling them to higher perceive viewing developments and plan for manufacturing. The announcement additionally made much less particular reference to collaboration within the music companies, the creation of a joint fund for real-world media tasks and the institution of a enterprise cooperation committee.
The approaching collectively can also be anticipated to result in joint planning and manufacturing of content material together with collection and dramas. “Each corporations also can co-produce world blockbuster content material primarily based on the high-quality plans secured by Studio Genie,” the pair stated in an announcement.
Studio Genie is an meeting of KT’s media and content material companies. These embody StoryWiz (planning, producing and distributing content material together with webtoons and net novels); Milly’s library (a web based studying platform); and music streamer Genie Music.
The settlement with KT continues a interval of livid deal-making by CJ ENM, which has struck an array of world and regional alliances. Earlier this 12 months it accomplished its acquisition of the scripted content material division of Endeavor Content material.
CJ ENM’s different offers have included an alliance with ViacomCBS and a minority funding in U.S. producer Skydance. In Japan, it has introduced offers with Japanese terrestrial broadcaster TBS Group and with Toei Animation.
At residence in Korea, CJ ENM has acquired manufacturing corporations Mohawk Movie, MMakers and MillionVolt, including to a manufacturing array that already contains Studio Dragon, JK Movie, Vlad Studio and Bone Manufacturing unit. CJ ENM’sTV powerhouse Studio Dragon itself contains subsidiaries: Tradition Depot, Hua & Dam Photos, KPJ and Kakao M three way partnership Mega Monster.
