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CJ Entertainment is embarking on a joint venture with Thailand’s Major Cineplex to co-produce films in Thailand for the Southeast Asian market. The partnership follows a memorandum of understanding which was signed in May of last year.

Dubbed CJ Major Entertainment, the company is 51% controlled by CJ Entertainment with the remainder owned by Major Cineplex and has received start-up capital worth USD 2.8 million. The plan is for the outfit to produce between 15 to 20 films, with an average budget of USD 1.4 million, over the next five years.

The first film from CJ Major Entertainment will be a Thai version of the smash hit Miss Granny (2014), which has already been remade in China, Japan and Vietnam, where it became the most successful local film of all time earlier this year. The project will be helmed by commercials director Joey ARAYA and may star Pee Mak (2013) actress Davika HOORNE.

CJ CGV, the largest exhibitor in Korea, is already actively involved in local productions in Japan, China, Vietnam and Indonesia. They also operate theaters in China, Hong Kong, Vietnam, Indonesia and the United States. Major Cineplex operates 92 complexes with 600 screens in Thailand, as well seven more screens in Cambodia and five in Laos. Currently, local films account for approximately 20% of the Thai exhibition market.