South Korean CJ Group has signed a deal with Demet Sabancı Çetindoğan’s MediaSa media group, to form two companies: CJ MediaSa Televizyon Yayın and CJ MediaSa Pazarlama.
The two firms, which will be active in retailing via the Internet and a TV channel, will be a 50-50 partnership between the South Korean and Turkish partners, according to daily Milliyet.
The chief executive of the CJ Group first appeared in the Turkish media by singing “Üsküdar’a gider iken,” a traditional Istanbul folk song, at a summit attended by Prime Minister Recep Tayyip Erdoğan in South Korea. Erdoğan, who owns a flat in Üsküdar, applauded the executive at the March summit. The CJ Group is the largest film distributer in South Korea. The group aims to increase its turnover to $2.7 billion by 2015, bringing in 30 percent of its earnings from abroad.
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