CJ ENM (035760.KS) said Friday that it held a signing ceremony with Japan's TBS and U-NEXT Holdings on December 30 at the CJ ENM Center in Sangam-dong, Seoul, to establish a joint venture named Studio Monowa.
Studio Monowa is a joint venture that brings together top-tier planning, production, and platform capabilities from both Korea and Japan to build a content value chain spanning planning and development, production, distribution, and intellectual property (IP) expansion.
The establishment of the joint venture originated from CJ Group Chairman Lee Jae-hyun's visit to Japan in April last year, where he directly engaged with executives of major content and media companies to explore cooperation opportunities. As related discussions were gradually fleshed out and culminated in the JV's establishment, the deal is being seen as an example of on-the-ground global management translating into tangible business results.
"Through cooperation between the top content companies representing Korea and Japan, we will present hit content targeting not only Asia but the global market," CJ ENM CEO Yoon Sang-hyun said. "We will leap into a global premium IP player through an innovative partnership that combines K-content's systematic planning capabilities with global production know-how from the IP planning stage."
