DECEMBER 8, 2021 - This week, ViacomCBS announced a new strategic partnership with South Korean entertainment company CJ ENM. The deal will see an increase in Korean content produced for the English speaking market, and will bring Paramount+ to the Asian market for the first time in 2022.

By combining their production capabilities and various intellectual properties, the new partnership between ViacomCBS and CJ ENM will bring numerous changes to the streaming landscape, including the following:

• Paramount+ will be bundled with CJ ENM’s TVING streaming service in the South Korean market “in 2022”.

• 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 exhibition on Paramount+.

• ViacomCBS and CJ ENM will 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+.

• Paramount+ will license Korean-language series from CJ ENM's deep library of material.

• Pluto TV, the No. 1 free ad-supported streaming television service (FAST) in America, will launch a dedicated CJ ENM branded channel on December 14 featuring K-content for U.S. audiences.

Regarding the new partnership, ViacomCBS Global Distribution Group President Dan Cohen said, “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, [...] 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."

CJ ENM CEO Kang Ho-Sung also weighed in on the deal, telling consumers, “CJ ENM is growing into a global leading entertainment company [...] 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."

Other terms of the agreement were not disclosed. With new content on the way and Paramount+ set to debut in South Korea next year, you can be sure we will bring you any new information as it is made available.