All articles by Jean Noh – Page 90
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Korea's CJ sells its DreamWorks stake to Paramount
Following the completion of Paramount's acquisition of DreamWorks, Korean conglomerate CJCorporation has sold its 4.95% stake in the studio to Paramount for $35.8m. CJ Corp gave public noticeof the Jan 31 sale of approximately 2.31 million shares yesterday (Feb 2). CJ Entertainment became amajor founding investor in DreamWorks in 1995 ...
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Korea's CJ CGV to open cinema in Los Angeles
Leading Korean multiplexchain CJ CGV plans to open a three-screen, 650-seat cinema in Los Angeles. The cinema, which isscheduled to open in June 2007, will provide a launch pad for Korean films intothe US market by playing them day-and-date with their Koreanrelease. Recently restructured fromits position of subsidiary to CJ ...
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Sleeper hit becomes Korea's third biggest ever film
Korean sleeper hit King And The Clown has clocked up morethan 8.2 million admissions, making it Korea's third biggest box office hit of all time after Taegukgi with 11.7 million admissionsand Silmido with 11 million. A month after the film'srelease, local distributor Cinema Service upped the number of screens from ...
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Korean government unveils $400m film support fund
Korea's Ministry of Culture and Tourism is establishing a $400m Korean FilmDevelopment Fund to run over five years.The plan was announced by Minister of Cultureand Tourism Jeong Dong-chae this morning (Jan 27) as a counter-measureto the halving of Korea's Screen Quota and strong industry protests.The support plan will createa $400m ...
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Korea set to cut screen quota in half
South Korea's government is to cut its 146-day screen quota forlocal productions in half starting July 1. Deputy Prime Minister andFinance Minister Han Duck-soo announced in a weekly briefing today (Jan 26)that the government is planning to legislate the enforcement ordinance on Jan27. As Korea's second-largest trade partner, the US ...
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Korean law firm to take action against online piracy
Korean law firm Ilsong LawOffice and film portal site Cinetizen.com have announced an initiative to tackleillegal internet distribution which is estimated to cost the local film industry$300m a year. Ilsong will carry outcopyright infringement suits on behalf of film importers and producers, actingon information provided by Cinetizen.com, starting February 1. ...
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Megabox finds new backer following Loews pullout
Major Korean multiplex chainMegabox has secured investment from the private equity arm of StandardChartered Bank which has acquired a 45% stake in the company for $73m. The deal follows anagreement reached last month for former Megabox shareholder, US exhibitor Loews Cineplex, to sell its 50% stake inthe company for $79m ...
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Korean conglomerate acquires LJ Film
Korean conglomerate Prime Industrialhas acquired Seoul-based production company LJ Film in a move to expand intothe entertainment sector. LJ Film is reportedlyexchanging $18.1m in stocks with Innotz, a subsidiary of major Korean softwarefirm Haansoft, which in turn belongs to the Prime corporation. Prime - which has corebusinesses in development and ...
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Korea's CJ Entertainment to be restructured
Korea's major film industry power player, CJ Entertainment, is being delistedand split into two in a move by its parent company to increase investment inthree core growth businesses. Only film investment anddistribution functions will be left under the banner of CJ Entertainment whilethree lucrative subsidiaries - television arm CJ Media, ...
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Korean master's 100th film saved from shutdown
Korean master director ImKwon-taek's 100th film has been saved from the verge of shutdown bystart-up production company Kino2 and funding from Centurion TechnologyInvestment Corp and the Korean Film Council.The director's long-timeproducer Lee Tae-won announced that funding for the $3.5m film had fallenthrough just days before it was due to go ...
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Korean 2005 box office hits 30-year high
South Korea's box office hit a 30-year high in 2005, ratchetingup over 145 million admissions nationwide. Multiplex chain CJ CGV'syear-end industry report puts admissions up 7.5% from 2004, bucking globaltrends and outdoing even CJ's own highest projections for the territory'sseventh year of box office growth. Local films' market sharewas 59% ...
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Korea's MK Pictures plans Chinese multiplex expansion
Finalising a recent memorandum of understanding on film businessdevelopment, Korean producer/distributor MK Pictures has signed with China'sEastern Dragon Film and Beijing Bona Culture Media International to partner ina multiplex development enterprise. The deal was signed on December 27 in Beijing.The equity investments from the three partners totals $2.5m - MK ...
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Korea's MK Pictures signs second China deal
Korea's MK Pictures has signed a deal to provide China's largest internet protocol TV (IPTV) serviceprovider, Zhejiang Huaying Media, with video-on-demand and pay-per-view content.Under the terms of the deal,MK Pictures will act as the company's exclusive agent for Korean films and willstart providing content from its in-house library following censorship ...