Netflix Enters Three-Year Deal With CJ-Owned Korean Series Producer Studio Dragon

Tom Grater

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Netflix has signed a production and distribution agreement with Korean media outfit CJ ENM and its subsidiary Studio Dragon, one of the country’s leading series producers.

Studio Dragon has credits including the Guardian: The Lonely And Great God, which is one of Korea’s most successful shows of all time.

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The three-year pact, kicking off in 2020, will see Studio Dragon produce original series that Netflix will distribute on its platform globally. The streamer will also receive distribution rights to other select Studio Dragon titles not produced through the partnership.

The deal follows pre-existing ties between CJ, Studio Dragon and Netflix, which has seen the SVoD stream series including Stranger, Mr. Sunshine, Memories of Alhambra, Romance Is A Bonus Book, and Arthdal Chronicles.

As part of the partnership, CJ ENM will also have the right to sell up to 4.99% of Studio Dragon shares to Netflix.

“We’re thrilled to be partnering with both CJ ENM and Studio Dragon and look forward to a prosperous relationship for many years to come,” said Netflix CEO Reed Hastings in a statement.

“CJ ENM and Studio Dragon represent the gold standard in Korean entertainment and we are excited and honored to work with them. This partnership with CJ ENM and Studio Dragon demonstrates our commitment to Korean entertainment and allows us to bring more top-tier Korean drama to Netflix members in Korea and all over the world,” said Ted Sarandos, Chief Content Officer, Netflix.

“CJ ENM is leading the market and expanding its huge achievement in Korea to overseas. As we have continuously focused on strengthening borderless content and expanding global distribution, the partnership with Netflix will introduce Korean content to global audiences, while providing new experiences and values,” said Minheoi Heo, CEO of CJ ENM.

“Today’s announcement is a recognition that Korean storytelling and production capabilities are beloved by global audiences and reaffirms the content creation prowess of both CJ ENM and Studio Dragon. Studio Dragon will try its best to leap forward as a global major studio,” said Jinnie Choi, CEO of Studio Dragon.

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