ViacomCBS Dec. 7 announced a partnership with South Korean distributor CJ ENM that includes co-productions for original series and movies, content licensing and distribution across ViacomCBS’s and CJ ENM’s streaming services.
Paramount+ will 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.
South Korea has become a hit factory for movies and TV series following the Oscar success of Parasite, and recent Netflix original series successes with “Squid Game” and “Hellbound.”
“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 Academy Award-winning film Parasite,” Dan Cohen, president of the global distribution group for ViacomCBS, said in a statement.
As part of the pact, Paramount Television Studios and CJ ENM/Studio Dragon will co-develop and co-produce English-language scripted series based on CJ ENM/Studio Dragon’s titles for Paramount+. The two companies will also co-develop and co-finance movies for theatrical and streaming releases with the plan to distribute one theatrical movie a year in various territories.
ViacomCBS and TVING will co-finance new Korean series for global distribution on Paramount+, with the streamer licensing Korean-language series from CJ ENM’s IP library.
Separately, ViacomCBS’s free ad-supported streaming television service Pluto TV will launch a dedicated CJ ENM branded channel on Dec. 14 featuring K-content for U.S. audiences.
“We are focused on the rapid expansion of Paramount+ in markets around the world,” said Raffaele Annecchino, CEO of 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.”