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CJ Group Chairman Sohn Kyung-shik and Kingdom Holding Company Chairman Al Waleed bin Talal speak about a mutual partnership at the KHC headquarters in Saudi Arabia on March 8 (local time).
CJ Group Chairman Sohn Kyung-shik and Kingdom Holding Company Chairman Al Waleed bin Talal speak about a mutual partnership at the KHC headquarters in Saudi Arabia on March 8 (local time).

 

Through a strategic partnership, CJ Group is to establish a cooperative relationship with Kingdom Holding Company (KHC), a private investment company, in the cultural contents sector. 

On March 8 (local time), CJ Group Chairman Sohn Kyung-shik met with the KHC Chairman Al Waleed bin Talal at their headquarters in Saudi Arabia and agreed with the need for cooperation between the two companies in the cultural industry, including in content. 

Chairman Al Waleed showed his interest in the CJ E&M businesses, saying, “Let’s talk about the E&M area first. Then, expand it to other business lines, including distribution, in the future. Let’s find the area of not only investment but also cooperation business wise.” 

Chairman Sohn said, “As the best content company in Asia, CJ Group will be the best partner of the KHC to advance into Asia. I expect synergy effects based on the abilities of the two companies.” 

The CJ Group said that this investment is a follow-up measure after President Park Geun-hye met with Chairman Al Waleed on March 4, introduced the efforts of Korea to foster its cultural industry, and asked him to invest during her four-nation visit to the Middle East.

Meanwhile, the KHC is a global private investment company with assets worth US$1.2 billion. It is currently investing in not only prestigious companies such as Citi Group and Apple, but also the media industry, including Disney, Twitter, and News Corp. 

Chairman Al Waleed owns Rotana Media Services, which is the largest media group in the Middle East with 12 television channels, radio stations in 4 countries, a record label, and magazines as its subsidiaries.

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