CJ CGV(CEO:Park, Dong-Ho, www.cgv.co.kr) who has recently announced the plan to advance into Los Angeles with 100% Korean capital for the first time in the country, is pushing into the Chinese market this time.
CJ CGV has started the real Chinese multiplex business after contracting a signing ceremony on the establishment of a joint-venture company for a multiplex movie theater business with Shanghai Film Group, a leading Chinese national filmmaker who has over 10 subsidiaries of film production, distribution, movie theater operation and etc., on Feb. 14. CGV and SFG will jointly run the business regarding the whole movie theater operation such as construction of the multiplex movie theater, investment in subsidiary facilities, sales and etc. through this contract. This contract has been finalized with the active support from SMEG(Shanghai Media Entertainment Group), the holding company of SFG and the largest general media entertainment group in China. This is because there has been favorable evaluation as ‘東方CJ(Dongbang CJ)’-a joint-stock company of CJ homeshopping and SMG-another subsidiary of SMEG and the largest private broadcasting company-made a good showing last year.
CJ CGV plans to secure screens near universities, stadiums as well as in the major big cities of convenient transportation by building a multiplex in Beijing next year led by the opening of branch No.1 in Shanghai this year through cooperation with SFG.