Seoul – Asia’s leading content and media company CJ E&M says that its drama producing affiliation, Studio Dragon, has signed a memorandum of understanding with DramaFever, a video-streaming website owned by Warner Bros., to co-produce Korean dramas that will be available for global audience.

The agreement was announced during a keynote speech by Craig Hunegs, President of Business and Strategy, Warner Bros. Television Group, at BCWW (Broadcast World Wide) 2016’s opening ceremony held in southern Seoul. Under the MOU, Studio Dragon and DramaFever are expected to develop and produce two originals within the next three years, while discussing ways to work on remakes of existing films and television dramas.

Studio Dragon was established in May with an aim to effectively deal with changes in the market as well as to strengthen CJ E&M’s global competitiveness. The latest deal was reached as Studio Dragon sought ways to expand its audience beyond Korea by working closely with OTT service providers that have the knowledge of global demand for Korean dramas and operate video-streaming platforms.

“Studio Dragon is determined to become Asia’s No. 1 drama studio, and in order to reach the goal, we plan to work with industry leaders home and abroad to provide unrivalled content for audience. We’re bolstering our competitiveness in content development, story-telling and production through various international partnerships and co-production deals,” says Jinnie Choi, President of Studio Dragon.