CJ O Shopping and E&M give birth to new companyThe merger of CJ O Shopping and CJ E&M has birthed a new company - CJ ENM, which stands for “entertainment and merchandising.”
The new name will go through approval process at CJ’s shareholder meeting on May 29. CJ expects to use the new name after the new company launches on July 1. The brand names of the two companies, however, such as tvN, Mnet and CJmall, will remain the same.
“The merge unit will provide premium and differentiated content on the back of CJ O Shopping’s 10 million customers and CJ E&M’s 50 million viewers and 200 million digital followers,” said Heo Min-heoi, the CEO of CJ O Shopping, on Wednesday. CJ O Shopping and CJ E&M held meetings with institutional investors and shareholders on Wednesday.
“We will evolve into a global content company like Walt Disney and Time Warner,” Heo added.
Kim Sung-su, CJ E&M’s CEO, said that CJ ENM will grow into a company valued at 6.5 trillion won ($6.1 billion) this year and will grow by 75 percent by 2021 to 11.4 trillion won.
Kim also pledged to generate yearly revenue of 1.4 trillion won by 2021.
By Jin Eun-soo