ViacomCBS is partnering with the newly-combined Wattpad Webtoon Studios to develop local-language IP that can fuel the content pipeline for its nascent streaming service, Paramount+.
The deal is being operated by ViacomCBS International Studios (VIS) and Wattpad and Webtoon – after digital comics platform Webtoon’s parent company, Naver, acquired user-generated story hub Wattpad in January in a $600 million deal.
Wattpad and Webtoon then merged their entertainment and publishing divisions in June to form Wattpad Webtoon Studios, with Naver committing $100 million at the time for development and production costs.
Both VIS and Wattpad Webtoon Studios will work to identify stories from indie authors and comic book writers – harnessing back-end data – and then co-produce content for Paramount+ and other ViacomCBS networks and platforms. The companies say they are seeking local hits in Latin America, Europe, and the U.K. — as well as other regions — that have the potential for global appeal.
VIS has greenlighted more than 30 Paramount+ originals to date, and the service is slated to arrive in Europe next year.
Wattpad Webtoon Studios, for its part, says it currently has more than 100 projects in development or production, having most recently wrapped the film adaptation of Kate Marchant’s hit romance story Float alongside Lionsgate, Collective Pictures, and Brightlight Pictures. All told, Wattpad and Webtoon count a combined 166 million users.
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