Expansion Continued
CJ CGV Co., South Korea’s largest operator of multi-screen theaters, is entering the Turkish film market, which is expected to grow more at a rapid rate, after China, the U.S., Vietnam, Indonesia and Myanmar, strengthening the status as a global multiplex theater chain.
The company has sealed a deal to acquire Mars Entertainment, the largest movie chain in Turkey, at CGV Cheongdam Cine City in Sinsa-dong, Seoul, on Apr. 4. CGV is paying 605 million Euros (US$687.89 million or 797.95 billion won) for a 100 percent stake in the Turkish film company.
Mars is consisted of a cinema business division, which operates Turkey's largest chain of movie theaters under the brand Cinemaximum, a film business division that is reputed to be Turkey's largest investor-distributor, and the media business division, which accounts for 87 percent of the cinema advertising market. With the latest contract, CGV will be able to break into the Turkish film market in every sector, such as cinema, investment, distribution and advertising.
The company plans to increase the investment and transfer the expertise in advanced theater business operation, which has been accumulated at home and abroad, after the takeover of Mars. In particular, it will lead the Turkish theater culture by installing its own immersive theater technologies, including the multi-sensory 4DX, multi-screen ScreenX and Sphere X features.
With the acquisition of Mars, the Korean brand now owns 2,589 screens in 332 theaters across six countries, including Korea China, the U.S., Vietnam, Indonesia and Myanmar. Also, the deal has pushed it up to number five in the list of the world's largest exhibitors.