Magazine article Variety

Theater Chain on a Roll

Magazine article Variety

Theater Chain on a Roll

Article excerpt

First a bit of history. Theater chain CGV started in 1996 as a joint venture among South Korea's CheilJedang, Hong Kong's Golden Harvest, and Australia's Village Roadshow and opened the country's first multiplex in 1998. After buying out its two foreign partners it merged with CG Golden Village and changed its name to CG-CGV

As part of its growth, the company has pushed an aggressive international expansion plan, which has taken it into China, Vietnam, Indonesia, Myanmar, Turkey, and the U.S.

CJ-CGV was also the first Korean company to start the exhibition business in China. Since it opened its first multiplex in Shanghai in 2006, the company has grown to operate 74 multiplexes and 586 screens. Also, its Chinese business turned profitable for the first time last year with a profit of $3.87 million.

CJ-CGV is now the leading cinema operator in Vietnam, where it grew through acquisition of local market leader Megastar, for $73.4 million in 2011.

In 2015, CJ-CGV stated an ambitious goal of operating 10,000 screens worldwide by 2020. …

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