“CJ CGV is currently at the market research stage.” according to Russian newspaper Kommersant’s report on CGV’s expansion plans into Russia. On August 25th, Kommersant reported that, “CJ CGV is negotiating to buy a stake in Karo, one of Russia’s cinema chains.” According to the report, in the middle of August, about 30 CGV officials were said to have gone to negotiate for a partnership in Moscow, the third trip this year. “Before negotiating with Karo, the company also tried to hold discussions with ADG Group, a cinema chain operator from the Soviet Union era.” the newspaper revealed. In addition, “CGV might be more interested in Karo, which is easy to enter in the longer term.” The report cited unidentified officials as sources. Out of the current 4,500 movie theaters in Russia, Karo owns 219 (4.8%) making it the fourth-largest exhibitor.

 “CJ CGV has been conducting surveys in a lot of countries to operate continuously in global markets based on our competitiveness.” HWANG Jae-hyun, the head of Promotions for CGV said. “Russia is also one of those and we are examining profitability and market possibility. No concrete negotiations have begun.” he added also stating, “Acquisitions of foreign firms cannot be decided at once, so we are investigating which company would bring the most synergy with CGV in terms of the size and age of audiences, ticket prices and more.”