South Korea’s CJ E&M announced on May 31 that it has signed a memorandum of understanding (MOU) with Thailand’s Major Cineplex on May 27 in Bangkok, Thailand, to set up a joint venture company operating in film investment and production.
Major Cineplex is Thailand's number one operator of theaters and owns about 60 percent of the screens nationwide. It is a distribution and leisure company that runs various businesses including theaters, film production, and distribution.
The new joint venture is expected to make use of CJ’s planning and marketing skills and Major Group’s local film production capability and theater network in order to maximize synergy effects. CJ E&M has sold and distributed around 290 Korean films in Thailand since 2000. The new joint venture will open up a way of vitalizing joint Korea-and-Thailand films.
Also, CJ E&M is planning to increase the cultural exchanges with Thailand by making continuous investment in Thailand’s local films. It is also looking to discover and nurture talented Thai producers, writers, and directors. Moreover, the company aims to about 10 Korea-and-Thailand joint films and local films in the next three years through cooperation with local staff.
“For CJ Entertainment, the Korean film market means our root, while the Chinese market represents the present, and the Southeast Asian market, the future. It means that the Southeast Asian market has such growth potential. We aim to become Asia’s number one studio through our ‘One Source Multi Territory’ strategy,” said Jeong Tae-Sung, head of CJ E&M’s film division.