Netflix signs deal with CJ ENM for 21 showsNetflix signed a deal with CJ ENM to produce and distribute programing globally. As a part of the transaction, California-based Netflix may end up owning stock in a subsidiary of the Korean company.
CJ ENM’s Studio Dragon will create the shows - as many as 21- which will be delivered via Netflix for three years starting in 2020. CJ ENM will hold the distribution rights.
The companies have already worked together in the past. Netflix has distributed a number of Studio Dragon television series, “Secret Forest,” “Mr. Sunshine” and “Memories of the Alhambra.”
“As much as we have focused on boosting the premium content and expanding global distribution, the partnership with Netflix will provide new experience and value to global viewers of Korean content,” said CJ ENM CEO Heo Min-heoi.
“The announcement today confirms that Korea’s stories and content production will be more widely beloved around the world,” said Studio Dragon CEO Choi Jin-hee. “Studio Dragon will try to become a major global studio.”
Ted Sarandos, Chief Content Officer at Netflix, said the latest partnership demonstrates Netflix’s strong interest in Korea.
In signing the partnership with Netflix, CJ ENM now has the right to sell 4.99 percent of Studio Dragon to Netflix. CJ
ENM currently owns 71.30 percent shares in Studio Dragon.
BY JIN MIN-JI [firstname.lastname@example.org]