Korea’s CJ ENM Pumps $82 Million Into Alliance With KT’s Studio Genie

variety.com:

Patrick Frater Asia Bureau ChiefSouth Korean entertainment conglomerate CJ ENM has struck a deal to invest in KT (formerly Korea Telecom).

The first step in the new arrangement sees CJ invest KRW100 billion ($82 million) in buying a stake in KT’s Studio Genie. “Studio Genie investment is aimed at increasing the competitiveness of CJ ENM channels such as tvN and OCN and OTT content from TVing,” CJ ENM officials explained.

CJ ENM obtains the first rights to a “significant amount” of content produced by Studio Genie. In return, Studio Genie will strengthen CJ ENM’s TV channels tvN and OCN as well as TVing, which is aiming to rival Netflix as Korea’s top streamer.

KT will also provide media viewing data to CJ ENM enabling them to better understand viewing trends and plan for production.