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Korean Film News
CJ E&M Acquires Majority Stake in JK Film
Nov 18, 2016
- Writerby Pierce Conran
Korean Production Firm Prepares to Go Global
Korea’s top entertainment company CJ E&M has expanded the focus of its film activities after acquiring a majority share in hit film production company JK Film. After purchasing an additional 36% of the company’s stock in a deal worth KRW 15 billion (USD 12.78 million), CJ now has a 51% stake in the outfit.
JK Film is the company of successful director and producer JK YOUN, who became the first Korean filmmaker to cross the 10 million admissions threshold twice, which are his tsunami hit Haeundae (2009) and blockbuster melodrama Ode to My Father (2014). In addition, he has produced commercial money spinners such as Dancing Queen (2012), The Spy: Undercover Operation (2013) and last year’s The Himalayas. JK Film’s next title is the pan-Korean investigation thriller Cooperation with Hyun-bin, which wrapped shooting in July and is due out next year.
Through its subsidiaries CJ CGV and CJ Entertainment, CJ E&M is already the top exhibitor, film investor and distributor in Korea. With its majority stake in JK Film, the company has increased the scope of its film production pipeline. Prior to this deal, CJ Entertainment has been involved as an investor and distributor with JK Film on all of their titles.
JK Film is expected to avail of CJ’s increasingly global film network and abundant capital to increase the footprint on the international film market.