CJ E&M to hit Hollywood
[THE INVESTOR] Korean entertainment giant CJ E&M plans to expand its overseas business by producing films in Hollywood with a local partner, the company confirmed on June 4.
Its unit in the US is currently co-producing around 10 Hollywood films -- most are budget films with investment of around 5 billion won (US$4.67 million) to 40 billion. All the movies are currently at pre-production stage, which includes scriptwriting and casting and the first shooting is due to start by the year-end.
Established in 2005, CJ E&M America has been mainly selling copyrights of Korean movies. However, according to sources, CJ Group Chairman Lee Jae-hyun was not satisfied and reportedly told the top executives that “it is essential to work and form a network with world renowned producers in Hollywood to have competitiveness in North America.”
However, CJ E&M denied local reports on the company’s plan to distribute the movies in US. “It is currently impossible for us to distribute the movies in North America since it requires astronomical marketing costs,” company spokesperson Yoon In-ho told The Investor.
The company also said it was unsure whether its movies will be screened at major theaters such as Regal and AMC.
“Our distributor in US will decide the distribution strategy after reviewing our movie,” Yoon said.
By Song Seung-hyun (firstname.lastname@example.org)