The deal, announced Tuesday, will see the joint production of content for the global market and cooperation in other new business areas. It also represents a further expansion of CJ ENM’s recently-announced plans for international expansion.
The pair explained that they see joint efforts in planning, production and distribution of content that includes TV drama, film, and animation. They will also jointly produce webtoons and comics, and together promote offline concerts and content format development.
CJ ENM’s Choi Jin-hee said that the agreement brings together the production capabilities of the two leading content companies in Korea and Japan, with the ambition of creating content for the global market.
“TBS Holdings (also) aims to grow through entry and expansion into new global markets,” said Tatsuo Sugai, MD of TBS Group. “TBS Group has excellent creators, and CJ has content competitiveness that has already been proven around the world. We expect that TBS and CJ ENM will be able to create synergy in producing new global content.”
At the end of May CJ unveiled plans to expand its investment in entertainment content to a massive $4.4 billion over the next five years. The company is already one of Asia’s largest entertainment companies, but it is now seeking to achieve global significance.
The group spans companies including TV channels tvN, OCN and Mnet, film division CJ Entertainment and TV production firm Studio Dragon one of the leading lights of the booming Korean drama production sector. It also owns expanding streaming service Tving.
Other examples of its recent international expansion include a pact with that, HBO Max to produce a new K-pop audition series in Latin America, and a deal with Skydance Television to produce comedy series “Big Door Prize” for Apple TV Plus. Last week, the Korean company announced production of four Mandarin-language series.