CJ ENM Set to Build a Content Empire With Japan’s TBS & U-NEXT

• Following Chairman Lee Jae-hyun’s Japan visit, CJ ENM launches StudioMonowa along with Tokyo Broadcasting System Television and U-NEXT Holdings.
• The joint venture targets Japan’s $456B IP sector to create global content backed by the top-tier Korean planning capabilities.
• All three stakeholders will divide production, IP sourcing, and distribution to smooth cross-border content production.

CJ ENM, South Korea's top entertainment and retail company, has come together with Japan's Tokyo Broadcasting System Television and U-NEXT Holdings to launch StudioMonowa. The joint venture is designed to remove the typical silos between the content industries of South Korea and Japan.

How Did the CJ ENM-TBS-U-NEXT Deal Come into Being?

The name of the studio originates from two words: “Mono,” meaning storytelling, and “Wa,” which indicates harmony. According to CJ ENM, the name is a nod to the company’s “ONLYONE” ethos “of pursuing what is first, best, and distinct”. However, the strategy is less about symbolism and more about market capture. As per reports from K-media outlet Munhwa, the venture is the direct outcome of a high-level, “field-oriented” visit by CJ Group Chairman Lee Jae-hyun to Japan last April. Notably, during that time, he met with TBS Group executives, including Chairman Takashi Sasaki and President Ryujiro Abe, to reaffirm the collaboration between the two organizations and discuss specific partnership plans.

CJ ENM’s Attempt to Tap into the $456B Japanese IP Market

The move targets a Japanese content IP market that is valued at about ₩67 trillion (~ JP¥712 billion; ₹432B INR; $456B USD) as of 2023. Notably, in this market, the streaming demand is increasing by over 20% annually, said CJ ENM in a public statement. Additionally, of this ₩67T IP market, original IP accounts for about ₩25.6T (~ JP¥273B, ₹165.1B, $17.4B).

Reportedly, to extract maximum value from this sector, StudioMonowa will divert from the usual co-production model, supporting a Life-Time Value (LTV) framework. This structure guarantees that the studio controls all of the chain, right from initial IP discovery to drama production to global distribution, including secondary merchandising.

Coordinating K-Content DNA and Japanese IP 

The division of labor is precise. While CJ ENM offers a global production template and the “K-content DNA,” TBS, the titan behind VIVANT and Alice in Borderland, acts as the supply store for original Japanese IP. U-NEXT, Japan’s top local streaming platform with 5 million subscribers and a 440,000-title content catalog, moors the distribution end.

As noted by Munhwa, CJ ENM CEO Yoon Sang-hyun said, “Through cooperation between the best content companies representing both Korea and Japan, we will present hit content targeting the global market beyond Asia.” “We will leap forward as a global premium IP business operator through an innovative partnership that combines the systematic planning capabilities of K-content with global production know-how from the IP planning stage,” he added further.

A Systematic Plan to Create a Global IP Factory?

This “systematic planning” isn't anything speculative. CJ has already tried and tested these fields with the Japanese adaptation of Marry My Husband, which topped Google Japan’s search charts in 2025. They also collaborated with TBS to “jointly plan and produce the Korea-Japan co-production drama” Hatsukoi Dogs at Studio Dragon.

For TBS, this project aligns with its 2026 mid-term plan to expand via global partnerships, using its subsidiary production unit, The Seven. As for U-NEXT, the joint venture offers a stable pipeline of original titles to maintain nine successive years of revenue growth. By combining Seoul’s production rapidity with Tokyo’s vast IP reserves, StudioMonowa is set to become not just a regional player, but a premier global IP factory.