The investment, worth about 1.36 trillion won, will be made through an offshore investment vehicle that will acquire shares issued in connection with the transaction. Shinsegae said the move is aimed at combining global entertainment content with its retail, property and leisure businesses.
The equity investment deepens a relationship that began with the two groups’ partnership on the Hwaseong theme park project. Shinsegae last year announced plans to work with Paramount on a 4.57 trillion won development spanning about 4.2 million square meters, with a Paramount-branded theme park as its centerpiece.
Paramount completed its acquisition of Warner Bros. Discovery on Tuesday, bringing the two companies under a combined group renamed Skydance Corp. The company now brings together film and television businesses including Paramount, Warner Bros. along with streaming services Paramount+ and HBO Max.
Shinsegae said it plans to explore the use of franchises including Paramount's "Mission: Impossible," "Star Trek" and "Top Gun," as well as Warner Bros. properties such as "Harry Potter" and "Game of Thrones," across its offline businesses.
One potential venue is Starbay City, a large-scale development planned in Hwaseong, south of Seoul, where Shinsegae is preparing a theme park. The group had already been working with Paramount on the project and said Warner Bros. content could broaden the attraction's entertainment offering.
Shinsegae also sees potential to introduce entertainment-based attractions and themed spaces at its Starfield shopping complexes and to explore partnerships linking HBO Max and Paramount+ with membership programs operated by its retail affiliates.
The group said the investment could eventually lead to cooperation on Korean original content and other projects targeting the broader Asian entertainment market.
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