ViacomCBS, CJ ENM team on global deal for Korean entertainment

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• ViacomCBS (VIAC +0.7%, VIACA +0.2%) has a global content partnership with CJ ENM, a move that will bring streaming service Paramount+ to South Korea next year.
• Financial terms weren't disclosed.
• The deal includes co-productions for original series and films, and content licensing and distribution across the two companies' streaming services.
• South Korea will represent the first move of Paramount+ into the Asian market, in partnership with TVING, CJ ENM's service.
• Among various aspects of the team-up, Paramount Television Studios and CJ ENM/Studio Dragon will co-develop and product English-language scripted series based on the latter's titles for Paramount+; they'll look to distribute one theatrical movie a year in various territories; they'll license EJ ENM's library for Paramount+, and co-finance new Korean series for global distribution; and ad-supported Pluto TV will launch a dedicated CJ ENM branded channel.
• ViacomCBS recently sealed a $1.85 billion deal to sell off its CBS Studio Center facility, part of a move toward shedding legacy assets to get lighter.