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South Korea's CJ ENM, JTBC to launch new streaming service

South Korean media giant CJ ENM CO. Ltd. is joining forces with local cable network JTBC Co. Ltd. to launch a streaming service in 2020, TBI Vision reported, citing a statement.

The platform will be led by CJ ENM and is an expansion of the CJ Group unit's existing Tving service, which offers shows and films from the company's portfolio of channels, along with select programs from JTBC. The companies plan to co-develop original content and supply more target-specific external content to viewers.

The move comes shortly after the Sept. 18 debut of a new over-the-top service called Wavve, an entity created out of the merger of SK Telecom Co. Ltd.'s Oksusu with POOQ. Together, Oksusu and POOQ reportedly have a combined user base of 14 million.

In August, the Korea Fair Trade Commission conditionally approved the combination of mobile media platform Oksusu with POOQ, a video service jointly operated by Munhwa Broadcasting Corp., Seoul Broadcasting System and Korean Broadcasting System.