South Korea’s CJ ENM has linked with internet giant Naver to launch a Japan-based division of its Studio Dragon production operation.
Studio Dragon Japan will receive 30 billion won ($24m) from its backers and is to be operated as a joint venture by CJ ENM and webcomic platform LINE Digital Frontier, which is part of Naver Webtoon.
The new company will operate across all stages of content production, from development and investment to production and distribution. CJ ENM and Naver previously worked together on shows including Sweet Home and Yumi’s Cells, which were based on IP from Naver Webtoon.
It will become CJ ENM’s fourth production interest, following Studio Dragon, the acquisition of Endeavor Content and the recently announced CJ ENM Studios.
The Korean firm said the quartet would “enable the company to secure quality IPs from these global base camps which will strengthen its global competitiveness.”
Studio Dragon claims to be Asia’s largest scripted TV studio, producing around 30 shows each year including Crash Landing On You and Hotel Del Luna, while LINE Digital Frontier houses webcomics from established and emerging creators.
Kang Cheolgu, executive officer of CJ ENM’s Japan drama business, said the new Studio Dragon JV “will serve as the bridge between top content creators in Korea and Japan, and will act as a gateway for these top IPs to enter the global market.”