KT and CJ ENM will start joint projects across media and content businesses through equity investment. A business cooperation committee will be established to expand omnidirectional cooperation in areas such as drama production, music, and immersive media. KT and CJ ENM signed a partnership for content business cooperation at KT Gwanghwamun Building in Jongno-gu, Seoul on the 21st. The two companies will establish an alliance through an exchange of shares. CJ ENM will invest 100 billion won in Studio Genie, which KT owns 100%. CJ ENM estimated the corporate value of Studio Genie to be over 1 trillion won.
Kyung-rim Yoon, president of KT Group Transformation Division, and Ho-seong Kang, CEO of CJ ENM, shake hands after signing an MOU for cooperation in content business.
Through the investment, CJ ENM has the right to first secure the contents produced by Studio Genie. Studio Genie, which has succeeded in attracting the first strategic investor, will secure original intellectual property, acquire competent production companies, and invest in equity to strengthen content production capabilities.
KT Studio Genie is a control tower that oversees KT Groups media contents business. Storywiz, a company specializing in web novels and webtoons, MPP channel skyTV, online video service seezn, music streaming platform Genie Music, and T-commerce content distribution company kt alpha, from securing source IP to content planning, production and distribution centering on KT Studio Genie It constitutes the following media value chain. Studio Genie expects to strengthen channel competitiveness by securing CJ ENM channels and OTT TVing distribution networks. CJ ENM purchases a certain amount of the original content produced by Studio Genie, and promotes the formation of channels owned by CJ ENM such as tvN and Tving. We also plan and produce content such as dramas.
Kang Ho-seong, CEO of CJ ENM, said, “Cooperation with KT, a leading media platform company, will be a great help for CJ ENM to move forward as a global total entertainment company.” Kyung-rim Yoon, president of KT Groups transformation division, said, “KT Studio Genie, which has secured a strong ally, CJ ENM, will be able to spur its growth by spurring the acquisition of source IP and production capabilities.”