CJ ENM, Ridi sign MOU to expand IP businesses

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CJ ENM, Ridi sign MOU to expand IP businesses

Published: 15 May. 2023, 15:10 Updated: 15 May. 2023, 15:17

[RIDI, CJ ENM]

CJ ENM and content platform Ridi signed a memorandum of understanding (MOU) to expand their intellectual property (IP) businesses.

The two companies have been partners since 2021, with CJ ENM adapting some of Ridi's IPs such as web novels for the screen.

According to the MOU, the two companies will merge their respective IPs with content production. For instance, CJ ENM’s TV series and films will be turned into webtoons and web novels, while Ridi’s web novels will be adapted as video content.

“Through this partnership, we have created a virtuous cycle of transmedia storytelling in which CJ ENM’s popular series and films can be transformed into other forms of content,” said Lee Jong-min, head of CJ ENM’s IP development. “Using the two companies’ expertise, we will discover new global hit projects of high quality and popularity.”

Ridi CEO Bae Ki-sik hopes to “strengthen both companies’ global competitiveness and quickly respond to the rapidly changing global content market.”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]