CJ Chairman Lee Jae-hyun, the Unsung Hero of 'Parasite,' Received 'Congratulations' from President Moon Jae-in

First Attendance at Blue House Briefing Since 2011
President Moon's First Face-to-Face Meeting: "Academy Award Triumph"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] Lee Jae-hyun, chairman of CJ Group, who rarely appears at external official events, attracted attention from the business community by attending a Blue House meeting. This is the first time since the 2011 New Year meeting of the top 30 groups that Chairman Lee has participated in a Blue House-business community event.

Although CJ Group ranks 14th in the business community, it was invited to the Blue House meeting attended by the heads of the six largest conglomerates. As the hidden key player and sponsor of "Parasite," which swept the American Academy Awards, it is evaluated that the invitation was to praise and encourage Chairman Lee. There is also a perspective that "Parasite" was presented as a medium to convey hope and courage amid public anxiety and economic recession concerns caused by the COVID-19 pandemic. It is also interpreted that CJ's attendance, having achieved the great feat of winning an Academy Award in the midst of the COVID-19 crisis, could strengthen President Moon Jae-in's message encouraging corporate investment.

On the 13th, President Moon held an economic meeting on COVID-19 response at the Korea Chamber of Commerce and Industry, inviting heads of major business groups. Attendees included Lee Jae-yong, vice chairman of Samsung Electronics; Yoon Yeo-chul, vice chairman of Hyundai Motor; Chey Tae-won, chairman of SK; Koo Kwang-mo, chairman of LG; and Hwang Gak-gyu, vice chairman of Lotte Holdings. It is unusual for CJ, ranked outside the top 10, to attend. The Blue House explained that although CJ's asset size is lower compared to other participating companies, the invitation was based on factors such as the degree of impact from COVID-19, the scale of business in China, and the industry differentiation from the top five groups.

In fact, CJ Group is actively conducting business in China. CJ CGV operates 134 movie theaters in China, and CJ CheilJedang runs 21 factories related to bio, feed, and food business sectors. They also operate brands such as Olive Young and Tous Les Jours. CJ Logistics is also actively doing business in China.

However, since the scale of business in China is difficult to compare with Samsung and Hyundai Motor, the explanation that the invitation was due to the effect of the globally sensational film Parasite, which recently won the Academy Award, carries more weight.

Chairman Lee was directly invited to celebrate and encourage the four awards won by "Parasite" at the American Academy Awards ceremony held on the 12th, including Best Picture, Best Director, Best Original Screenplay, and Best International Feature Film. On that day, President Moon said, "Recently, our companies have become a source of hope for the people through relentless challenges and innovation," mentioning CJ. He also congratulated, saying, "The film Parasite won four Academy Awards including Best Picture," and "It is a great achievement that once again showed the excellence of Hallyu culture to the world."

The film "Parasite" is evaluated as a result of CJ ENM's shining investment. Lee Mi-kyung, vice chairman of CJ Group, who appeared on stage to receive the Best Picture award as the executive producer (CP), hinted at being the "miraculous sponsor" by saying, "I am grateful to my younger brother (J, Chairman Lee Jae-hyun of CJ Group)." Behind Vice Chairman Lee, who directly led the marketing by supporting 10 billion KRW for CJ ENM's distribution and investment of "Parasite" and the so-called "Oscar campaign," a pre-promotion effort for the Academy Awards, was Chairman Lee's silent support. This is clearly reflected in Vice Chairman Lee's remarks praising Chairman Lee, saying, "Thank you for always letting us dream, even if it is an impossible dream."

The fact that CJ Group has steadily invested and supported cultural businesses including films for the past 25 years, enduring deficits, makes this achievement even more meaningful. CJ Group's cultural business began in 1995 when Chairman Lee and Vice Chairman Lee invested 300 million USD to acquire the Asian distribution rights (excluding Japan) of DreamWorks, a film company founded by Steven Spielberg. This led to the establishment of Korea's first multiplex theater CJ CGV and the founding of CJ Entertainment in 2000. The number of Korean films invested in reaches over 320. In 2011, CJ ENM, the only comprehensive content company in Korea, was created. The company expanded into broadcasting, drama, music, and content platform businesses to lay the foundation for Hallyu culture. Chairman Lee is moving toward his dreams of producing content directly after enhancing content production and distribution capabilities through DreamWorks, changing movie-going culture through multiplexes, and entering the global market with cultural products.

This content was produced with the assistance of AI translation services.