Korea's CJ Group Reorganizes Six Divisions into CJ Entertainment & Media
Formerly six divisions, the new entity will operate with four sub-units, including music and performance.
SEOUL -- Korean media titan CJ Group will merge its six holding companies including CJ Entertainment, the country’s largest film distributor and investor, and Mnet Media, CJ's music and entertainment channels into CJ Entertainment & Media, which launches Tuesday with four divisions: film, broadcasting, music and performance, and games.
The company’s previous music and entertainment channels, including KM and Mnet will be part of CJ E&M’s broadcasting section, while its music and performance business, previously operated separately, will be combined in the same division.
“Up to 30% of the company’s expected sales of 3.1 trillion won (USD 2.7 billion) by 2015 will come from overseas markets,” said CJ in a statement Monday, adding that CJ E&M is aiming to become Asia’s No. 1 content business by maximizing the company's diverse offerings. As a sign of things planned, CJ's musical Finding Mr. Destiny, which sold over 360,000 tickets locally, was made into a romantic comedy starring Im Soo-jung and Gong Yoo.
Ha Dae-joong, who previously served as the CEO of CGV and the marketing director of CJ Entertainment, was appointed as E&M’s head, while Katharine Kim, the former head of CJ Entertainment, will lead the company’s film division.
CJ Group was originally a branch of Samsung until they separated in the '90s. CJ CGV is currently the largest multiplex theater chain in Korea, and also has branches in China and United States.