CJ Entertainment forms joint venture with Thailand's Major Cineplex
Leading Asian studio CJ Entertainment, the signature film division of major media and content company CJ E&M, signed a memorandum of understanding with Major Cineplex Group, Thailand’s top theatre company, to establish a joint venture for film production and investment.
The new joint venture is expected to maximize bilateral cooperation by combining CJ Entertainment’s planning and marketing skills with Major Cineplex Group’s film production capability and theatre network. With the MOU, CJ Entertainment will be able to boost Korea-Thai co-produced film projects. Since 2000, it has sold and distributed about 290 Korean films in Thailand.
The joint venture will result in about 10 Korea-Thailand co-produced films and local films over the next three years. For this, CJ Entertainment will discover and nurture local talented producers, promising writers and directors, while collaborating with local film industry insiders.
“For CJ Entertainment, the Korean film market means our root, while the Chinese market represents the present, and the Southeast Asian market the future. We highly value the strong growth potential of the Southeast Asian market, and we aim to become Asia's number-one studio through our ‘One Source Multi Territory’ strategy,” said Tae-Sung Jeong, head of CJ E&M’s film division.
“One Source Multi Territory” is CJ Entertainment’s global strategy in which one original source is made into various localized content in order to cater to audiences in different regions. For example, CJ Entertainment co-produced 20, Once Again!, the local version of Korean box office hit Miss Granny in China, and it also plans to release Sweet 20s, the Vietnamese version.
Meanwhile, CJ Entertainment is set to unveil the musical comedy Cha-Lui Reboot: Lost in Seoul on June 4, which is a co-invested with Transformation Films, one of the major film production companies in Thailand.