(Seoul) — Shin and CJ, retail and lifestyle giants stemming from the same Samsung family roots, have made multi-billion-dollar bets on Hollywood content, separated by a span of some 30 years.

While CJ Group pioneered content as a core business through its historic 1995 investment in DreamWorks, Shinsegae recently invested $1 billion (approx. 1.4 trillion KRW) in Paramount-Skydance’s acquisition of Warner Bros., choosing instead to integrate global Intellectual Property (IP) with its existing retail assets. Although both started with Hollywood investments, CJ turned content into an independent business, whereas Shinsegae is prioritizing the enhancement of retail competitiveness through content, charting fundamentally different growth paths.

According to industry sources on the 7th, Shinsegae Group is accelerating business expansion combining retail and entertainment with its 1.4 trillion KRW investment in the Paramount-Skydance-Warner Bros. deal. The group aims to utilize the global IPs held by Paramount and Warner Bros. in upcoming projects such as the Hwaseong theme park and Starfield shopping malls, while expanding into joint content production over the long term.

Shinsegae’s move evokes memories of CJ Group’s entry into the content industry some 30 years ago. In 1995, Cheiljedang (now CJ CheilJedang) made a bold and unconventional move for a food-centric company by investing roughly $300 million in DreamWorks, founded by Steven Spielberg and other Hollywood heavyweights.

CJ: Building a Comprehensive Content Value Chain

Rather than stopping at a simple financial investment, CJ systematically built an end-to-end content value chain. Starting with film investment and distribution, the group expanded into the theater business via CJ CGV, nurtured broadcasting channels like Mnet and tvN, and further stretched its reach to Studio Dragon, TVING, and US production studio Fifth Season.

Today, content has firmly established itself as one of the group's main business pillars, alongside food and logistics. CJ successfully created a self-sustaining model that generates revenue directly from content production and distribution through theaters, broadcasting, and OTT platforms.

Shinsegae: Prioritizing "Space" and Retail Synergy

In contrast, Shinsegae’s calculus is different. Rather than immediately scaling content production and distribution, the group's top priority is to merge global IPs with its existing retail and real estate assets, such as Starfield and the Hwaseong Star Bay City. By combining content with product-focused offline spaces, Shinsegae aims to strengthen experiential elements, boost customer foot traffic, and increase dwell times. Paramount boasts franchises like Mission: Impossible, Top Gun, and Star Trek, while Warner Bros. holds powerful IPs including Harry Potter and Game of Thrones.

The first testing ground is expected to be Hwaseong Star Bay City. Shinsegae Group plans to apply Paramount IPs to the Hwaseong International Theme Park. If the Warner Bros. acquisition transaction concludes and collaboration solidifies, the range of available IPs could widen significantly. Applying IP-based experiential facilities and themed zones to existing offline channels like Starfield is also under review.

This IP utilization goes beyond physical offline spaces. Shinsegae is reviewing plans to link memberships across its online and offline affiliates—such as E-Mart—with global OTT memberships like HBO Max and Paramount Plus, expanding its retail and leisure touchpoints into the digital content sphere.

Diverging Strategies, Shared Ambitions

The distinction between CJ and Shinsegae is stark: CJ built a "content-centric" business model by producing content directly and distributing it across theaters, TV, and OTT platforms. Shinsegae is pursuing a "space-centric" strategy, binding global IPs to existing real estate assets like shopping malls and theme parks. While CJ generates profits directly from content, Shinsegae is currently leveraging content to amplify the value and competitiveness of its retail and real estate portfolio.

However, Shinsegae’s content strategy is not confined merely to maximizing current retail assets. Over the long term, the group is exploring options to co-produce original Korean content with Paramount-Skydance and distribute it globally. Observers will be closely watching whether this investment acts as a stepping stone for Shinsegae to expand content production and distribution into a distinct business sector, much like CJ did.

Shinsegae Group Chairman Jung Yong-jin has long emphasized the importance of content. In his 2008 New Year's address, Chairman Jung stated, "To become a world-class company like no other, we must develop content imbued with stories." Afterward, Shinsegae drew industry attention by pushing forward with the production of a Korean-style hero movie utilizing its proprietary character, "Electromen."

Shinsegae Group stated, "This investment goes beyond a simple equity stake; it will serve as a stepping stone to diversify into new business areas combining entertainment. We will lay the groundwork for Shinsegae Group to leap forward as a platform enterprise in the Asian content market."

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