Dünya – Increasing box office revenue backed by a young population and a thriving domestic movie industry has lured South Korea’s largest cinema group to invest in Turkey.
CJ-CGV, South Korea’s largest multiplex chain with branches in China, Vietnam and the US, has reached an acquisition deal with Turkey’s Mars Cinema Group, owner of the Cinemaximum brand, for around USD 800 million.
According to the deal, CJ-CGV will own a 38-percent stake in Mars Cinema Group’s 710 Cinemaximum screens throughout Turkey. The other partners will hold the remaining 62 percent. Mars Group’s gym chain, Mac Fitness, is not part of the deal.
Entry into the Turkish market is a strategic move for CJ-CGV, which is planning to expand further onto Europe.
According to Turkey’s official statistics institute TurkStat, 55.4 million movie tickets were sold in the country in 2015, up 23 percent over the previous year.
As of the end of 2015, there were around 300 South Korean companies in Turkey with investments amounting to USD 1.3 billion.