Major Korean exhibitor CJCGV is forming a joint venture company with Chinese state-owned studio ShanghaiFilm Group (SFG) to build multiplexes in
CJ CGV announced the dealwas signed by its chief executive Park Dong-ho and SFG president Ren Zhonglun yesterday(Feb 14) in Shanghai. The joint venture will be called Shangying CGV.
The first multiplex underthe partnership, the Shanghai CGV, will open this September in the deluxegovernment-funded Daning Commercial and Cultural Centre which is to open bymid-2006.
However, the partners werekeeping tight-lipped on the size of the shareholding that CGV would hold in thejoint venture company.
Shanghai Film Group is alsopartnered with Warner Bros International Cinemas (WBIC) in multiplex development.One of its subsidiaries, Shanghai Paradise, co-owns the
In addition SFG's cinemachain, Shanghai United Circuit, has a joint venture with WBIC to build tenmultiplexes of which two have so far opened. In 2005, SFG's exhibition sectorwas reported to have 78 theaters with 241 screens.
CJ CGV established officesin