Netflix has struck a three-year content pact with CJ ENM, including an option that could see the US streamer taking a stake in the South Korean company’s production subsidiary Studio Dragon.
The “strategic partnership”, which will start in 2020, sees Studio Dragon and its roster of creators producing original series that will be available to Netflix subscribers around the world.
The US-based streamer will also receive distribution rights to selected shows from the prodco, while CJ ENM has the right to sell up to 4.99% of Studio Dragon shares to Netflix. Further financial details have not been revealed.
The arrangement extends the existing relationship between CJ ENM, Studio Dragon, and Netflix. The streamer already offers shows from the Korean studio such as Stranger, Mr. Sunshine, Memories Of Alhambra, Romance Is A Bonus Book, and Arthdal Chronicles.
“As we have continuously focused on strengthening borderless content and expanding global distribution, the partnership with Netflix will introduce Korean content to global audiences, while providing new experiences and values,” said Minheoi Heo, CEO of CJ ENM.
Jinnie Choi, CEO of Studio Dragon, added that the deal was “a recognition that Korean storytelling and production capabilities are beloved by global audiences and reaffirms the content creation prowess of both CJ ENM and Studio Dragon.”
Netflix content chief Ted Sarandos described CJ ENM and Studio Dragon content as “the gold standard” in Korean entertainment and said the agreement would deliver “more top-tier Korean drama to Netflix members in Korea and all over the world.”