TBS Holdings executives outlined the strategy behind the Japanese broadcaster’s tie-ups with Legendary Entertainment and Korea’s CJ ENM in a TIFFCOM presentation today.
In January 2026, TBS acquired a $150M minority stake in Legendary and entered into a non-exclusive agreement with the Dune and Godzilla franchise producer to source and develop Japanese IP.
Katsuaki Setoguchi, TBS Holdings Executive Officer, Global Business Division, opened the presentation by explaining why the Japanese broadcaster made this move: “Why did we partner with Legendary? Our needs matched each other perfectly.”
He continued that Legendary has been “keeping a close eye on Japanese IP” and as the Godzilla franchise and other projects have proved, are willing to invest in big-budget live-action adaptations. In addition to Godzilla, the company is producing several theatrical and episodic projects based on Japanese IP, including Street Fighter, Gundam and Drops Of God Season 2.
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“They needed upfront investment and to tie up with Japanese IP holders, but also had to understand the soul of the original work,” Setoguchi said. “Finding partners you can develop a deep relationship with is difficult. But TBS has long-standing relationships with many creators for live-action works, so working together with us, they could deliver Japanese IP to the rest of the world.”
Setoguchi also said TBS has “neutral” relationships with all the major publishers in Japan, so isn’t limited to working with specific rights holders.
He added that, starting this month, TBS employees will be setting up desks in the Legendary offices in Los Angeles to ensure a close working relationship. TBS already has its own offices in LA, and an outpost of its international production outfit The Seven, which has produced shows including three seasons of Alice In Borderland and Did Someone Happen To Mention Me, starring Koji Yakusho, both of which are streaming on Netflix, and Prime Original Rock Paper Landmine.
Meanwhile, back in Asia, TBS has been forming similar tie-ups, launching a production joint venture Studio Monowa with Korea’s CJ ENM and Japanese streamer UNEXT, with announcements on the first projects expected soon.
The aim for TBS is to propel Japanese drama to the same level of global recognition as Korean dramas. He observed that while K-drama is widely distributed to international markets, Japanese live-action content is not as well known, although anime and manga are hugely popular nearly everywhere in the world.
Setoguchi recalled that one of the first shows co-produced by Japan and Korea was 2002 drama Friends – produced by TBS and Korea’s MBC – which was created to commemorate the 2002 FIFA World Cup co-hosted by South Korea and Japan. He described the show as “the first time Japanese was spoken on Korean TV since the war”.
He added that, back then, Japan’s TV drama industry was much stronger than Korea’s and that Korean production staff were “enthusiastic to absorb every aspect of Japanese production expertise”.
“We thought that since there’s a huge gap in production capabilities, it would be difficult for Korean teams to create global hits. More than 20 years have passed and we all know how that has turned out. Japan pursued domestic viewer ratings, while Korea looked at global markets, and those decisions have shaped today’s reality. We feel our mission now is to create a new global genre of J-Content.”
On the unscripted side, TBS has built a global industry around the Ninja Warrior format, working with partners including Banijay, RTL and ITV Studio, who all appeared via video clips during the TIFFCOM presentation to talk about the strengths of the format. Banijay is selling the Israeli version of the show, which is returning after a three-year hiatus, while Australia is bringing it back after five years.
Noting that sports-related programming is having a resurgence, Banijay Chief Content Officer James Townley said: “With the Olympics coming up, Ninja Warrior can capitalize on the strength of that and will be a major focus for us across Europe next year.”
TIFFCOM is running for three days (October 28-30) at the Tokyo Metropolitan Industrial Trade Center in Hamamatsucho.
