Strengthening Content Collaboration with CJ ENM, Investor and Distributor of the Film Parasite
[Asia Economy Reporter Koo Chae-eun] CJ ENM, which invested in and distributed the Academy Award-winning film Parasite, announced on the 11th that it has formed strategic partnerships with leading domestic and international content companies. The company plans to further expand its content investment capacity to continue the success of Parasite.
CJ ENM and Studio Dragon have signed a strategic partnership with Hollywood production company Skydance for the joint production and investment of global content such as dramas and films. Skydance is a global content company that produced films like Terminator, 6 Underground, Mission: Impossible, and dramas such as Grace and Frankie and Altered Carbon. As part of this partnership, CJ ENM and Studio Dragon acquired a minority stake in Skydance.
The two companies will jointly plan, develop, and produce global content such as dramas and films based on the intellectual property (IP) owned by CJ ENM and Studio Dragon, as well as Skydance's IP. CJ ENM aims to enhance its premium content IP production capabilities and strengthen its global network through collaboration with Skydance, accelerating its global expansion. Following the strategic partnership with Netflix in November last year, CJ ENM and Studio Dragon have now also partnered with the prominent Hollywood production company Skydance.
CJ ENM has also taken steps to secure content technology based on new technologies. CJ ENM signed a share investment contract and a memorandum of understanding (MOU) for various business collaborations with Dexter Studios, a company specializing in CG and VFX (visual effects) and content. With this investment, CJ ENM became the second-largest shareholder of Dexter Studios. By combining CJ ENM’s content planning, production, and investment capabilities and global network demonstrated through dramas and films with Dexter Studios’ unique CG and VFX technology, they plan to produce differentiated global-oriented content.
They also plan to strengthen the production capabilities of Korean-style blockbuster IPs with high global expansion potential. To this end, CJ ENM has invested in Vlad Studio, a newly established production company founded by director Kim Yong-hwa. Director Kim is known for directing the films Take Off, Along with the Gods 1 and 2, and has been recognized for his directing and producing capabilities through the production of Ashfall.
Heo Min-hoe, CEO of CJ ENM, said, "CJ ENM will accelerate the production of content that can compete in the global market through collaboration with leading domestic and international content partners. We will actively support outstanding creators’ overseas expansion and devote all efforts to globalizing Korea’s cultural content industry by producing large-scale global IPs based on global trends and new technologies."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
