Korea’s CJ and Thailand’s Major Strike Joint Film Investment Deal
South Korea’s CJ Entertainment has struck a deal with Thailand’s Major Cineplex to co-produce ten films over the next three years.
The two companies signed a memorandum of understanding to set up a joint venture company operating in film investment and production.
The new joint venture is expected to make use of CJ’s planning and marketing skills and Major’s local film production capability and theater network. CJ said that it will focus on developing new talent.
Major Cineplex Group is Thailand’s largest multiplex operator and also has positions in production and distribution.
CJ already has begun investing in Thai cinema through a separate pact with Bangkok-based production company Transformation Films. Later this week it will release “Cha-Lui Reboot: Lost in Seoul,” a musical comedy about two young men, travel to Korea to become K-Pop stars. Directed by Adirek “Uncle” Wattaleela, it features a mixed Thai-Korean cast with Nicky Nachat, Jessi Mekwattana and Nichkhun, a Thai member of K-pop boy band 2PM.
CJ Group is one of Asia’s largest and most diverse film conglomerates, with interests spanning exhibition, production and distribution. As the South Korean market has matured CJ has increasingly looked to expansion within Asia in order to maintain growth.
“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 aim to become Asia’s No.1 studio through our ‘One Source Multi Territory’ strategy,” said Jeong Tae-Sung, head of CJ E&M’s film division.
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