Korea’s CJ ENM has formed a joint venture with Japan’s TBS and streaming platform U-Next Holdings to collaborate on production and distribution of content based on Japanese and Korean IP.

Called StudioMonowa, the new venture will bring together CJ ENM’s strengths in K-drama and global production with TBS’ expertise in discovering original IP and driving IP-related businesses and channel releases. U-Next will serve as the primary platform for the joint venture, handling supply and distribution of original titles.

The joint venture deal was signed at the CJ ENM Center in Seoul by CJ ENM CEO Yoon Sang-hyun, Abe Ryujiro, President & CEO of TBS, and Tsutsumi Tenshin, CEO of U-Next. 

According to a statement, StudioMonowa will integrate “top-tier planning, production, and platform capabilities from Korea and Japan to establish a content value chain encompassing everything from planning and development to production, distribution, and IP expansion”.

Describing the process as a LTV (Life-Time Value) based structure, the partners said the venture’s activities would include original IP discovery, investment in drama production, global distribution, secondary works and spin-off businesses. 

The statement also said that the partnership is driven by the rapid growth of the Japanese content market, valued at around $45BN in 2023, of which original IP accounted for around $17BN. Japan’s streaming sector is also experiencing rapid growth of 20.5% annually. 

CJ ENM also said that joint venture traces it roots back to last April when CJ Group Chairman Lee Jay-hyun visited Japan to explore potential collaborations through exchanges with leaders of major local content and media companies. During that visit, Chairman Lee met with key execs from TBS, including Chairman & Director Sasaki Takashi and CEO Abe Ryujiro.

TBS, one of Japan’s biggest broadcasters and content creators, also has a global production division The Seven, which produced Alice In Borderland, and recently made a strategic investment in Legendary Entertainment.

U-Next, the leading streamer in Japan, surpassed 5 million subscribers in 2025 and has reported nine consecutive years of revenue growth. 

CJ ENM has already been involved in Korea-Japan projects including the Japanese remake of Amazon Original series Marry My Husband, as well as working with TBS on Korea-Japan collaboration Love Is For The Dogs, produced by CJ ENM’s Studio Dragon.

The name Monowa combines the Japanese words “mono”, which means story, and “wa”, which means harmony, signifying a space where content from both Korea and Japan is connected as one to create new value. 

Yoon Sang-hyun said: “Through our collaboration with the leading content companies representing Korea and Japan, we will introduce hit content that targets not only Asia but the global market. By establishing an innovative partnership that integrates K-content’s systematic planning capabilities with global production expertise from the initial IP development stage, we are committed to evolving into a leading global premium IP studio.”

Abe Ryujiro said: “We are thrilled to launch StudioMonowa alongside CJ ENM, a world-class hitmaker, and U-Next Holdings, which is aggressively driving original content production and global expansion. The ‘trinity’ of CJ ENM’s world-renowned production DNA, TBS’s creative expertise, and U-Next Holdings’ powerful platform reach will allow us to showcase groundbreaking content that captivates global audiences and keeps them on the edge of their seats.”

Tsutsumi Tenshin said: “We are delighted to establish StudioMonowa alongside CJ ENM, a leader in the Korean entertainment industry, and TBS, a long-standing pillar of the Japanese drama industry. By consolidating CJ ENM’s global planning expertise, TBS’s top-tier drama production capabilities, and the operational know-how U-Next has accumulated as a platform, we are committed to creating new hits that will travel from Japan to the world.”