KT·CJ ENM Content Alliance... "100 Billion KRW Equity Investment in Studio Genie"

KT and CJ ENM Sign MOU on the 21st

[Asia Economy Reporter Cha Min-young] KT, which is boosting its content growth engine, and CJ ENM, which has a wide distribution network, have formed a 'content alliance.' CJ ENM has made a 100 billion KRW equity investment in KT Studio Genie and will engage in joint content production.

KT and CJ ENM announced on the 21st that they signed a memorandum of understanding (MOU) for content business cooperation. The MOU signing ceremony was held in the morning at KT Gwanghwamun Building East in Jongno-gu, Seoul, attended by Kang Ho-sung, CEO of CJ ENM, Yoon Kyung-rim, President of KT Group Transformation Division, and other officials from both companies.

Through this partnership, CJ ENM will ▲ make a 100 billion KRW equity investment in KT Studio Genie ▲ purchase content produced by KT Studio Genie and schedule it on channels ▲ participate as a strategic investor to strengthen the content competitiveness of both companies through joint content production with KT Studio Genie. The two companies also plan to create synergies in content business in various ways, including ▲ cooperation in music business ▲ establishment of a joint fund for immersive media business ▲ formation of a business cooperation committee for joint projects in media and content fields.

As the first step, CJ ENM will make a 100 billion KRW equity investment in KT Studio Genie. CJ ENM explained that the investment in Studio Genie aims to enhance the content competitiveness of CJ ENM’s captive channels such as tvN and OCN, as well as the OTT platform TVING. Through this, CJ ENM will gain priority rights to secure a significant volume of content produced by Studio Genie, while Studio Genie will secure distribution channels through CJ ENM’s affiliated channels and OTT TVING.

Established as the media content business control tower of KT Group, Studio Genie has subsidiaries such as StoryWiz (content planning, production, and distribution of webtoons and web novels), Millie’s Library (reading platform), and Genie Music (music streaming), giving it a strong advantage in various original intellectual properties (IP). It is also expected to utilize KT’s top-tier domestic media viewing big data.

The combination of CJ ENM’s content capabilities and KT’s big data capabilities is expected to create synergy effects such as predicting the hit potential of content. Additional synergies will be created through music business cooperation, establishment of a joint fund for immersive media business, and formation of a business cooperation committee for joint projects in the content field.

Kang Ho-sung, CEO of CJ ENM, said, “Cooperation with KT, a leading media platform company, will be a great driving force for CJ ENM to advance as a global comprehensive entertainment company,” adding, “We plan to increase collaboration to generate all-around synergies in the content business going forward.”

Yoon Kyung-rim, President of KT Group Transformation Division, also stated, “KT will continue multifaceted cooperation with CJ ENM to strengthen the group’s media and content business competitiveness as well as to develop K-content and the domestic media ecosystem.”

This content was produced with the assistance of AI translation services.