CJ CGV's Entry into Russia / YTN KOREAN

CJ CGV, South Korea's largest cinema chain, will make inroads into the Russian market by opening dozens of movie theaters. It is the first time that a foreign cinema chain has entered the Russian market.

CJ CGV has signed a contract with Russian real estate developer ADG Group to establish a US$30 million joint venture company in Hong Kong.

The Korean partner is said to acquire a 70 percent equity stake of the new company.

Under the contract recently signed in Seoul, the joint venture will run 33 theaters with 160 screens in Moscow by 2020, according to CJ CGV.

CJ CGV officials expect the Russian project is expected to make the company the largest cinema chain in Moscow by the said year and will help expand its business into the European continent.

Russia is known to be the world's 14th largest cinema market, accounting for 1.9 percent of the world box office in 2016.

Since opening its first movie theater outside Korea in Shanghai in 2006, CJ CGV has aggressively expanded its business territory into overseas markets such as the United States, Vietnam, Indonesia and Turkey as well as China.

The world's fifth largest multiplex theater operator, CJ CGV aims to run a total of 10,000 screens worldwide by 2020, according to the company officials.


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[더 큰 한민족 네트워크 / YTN KOREAN]