South Korean media giant CJ ENM has invested ₩100bn ($82m) to take a stake in Studio Genie, the content production arm of telecoms provider KT (fka Kora Telecom).
The investment is aimed at “increasing the competitiveness of CJ ENM channels such as tvN and OCN and OTT content from TVing,” and to fuel its global growth ambitions, according to CJ ENM. The size of the stake acquired was not disclosed.
The deal gives the conglomerate the rights to a “significant amount” of content created by Studio Genie, whose subsidiaries include producer and distributor StoryWiz, reading platform Milly’s Library and music streamer Genie Music.
The agreement will also give CJ ENM early distribution rights to Studio Genie original content, which will be streamed or aired on CJ ENM-owned TV channels.
CJ ENM will also gain access to viewing data from KT, giving the firm valuable information on audience trends.
“The cooperation with KT, a leading media platform operator, will give a big boost to CJ ENM’s efforts to become a global entertainment company,” commented CJ ENM CEO Kang Ho-sung, in a statement. “We will expand the partnership to create synergy across content businesses.”
The investment comes just weeks after CJ ENM completed its $785m takeover of US-based Endeavor Content and follows its 2018 acquisition of Nordic distributor Eccho Rights as the firm expands globally.
Last year, CJ ENM, which is behind global hit game show format I Can See Your Voice and Bong Joon-ho’s Oscar-winning thriller Parasite, unveiled plans to invest more than ₩5tn ($4.5bn) in content creation in a bid to expand its global presence.