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Korean Chains Megabox and Lotte Cinema Sign Merger Agreement
Korean media giant JoongAng and retail leader Lotte to merge Megabox and Lotte Cinema chains, creating a rival to market leader CGV.
The joint venture, which will be co-managed by both corporate heavyweights, aims to fast-track new investment opportunities and Fair Trade Commission approval, according to JoongAng Group’s announcement. The theatrical exhibition sector in South Korea continues to struggle with pandemic recovery challenges, and both groups have expressed optimism that their combined strength will help reinvigorate the domestic film industry. Lotte Cultureworks’ portfolio includes distribution and investment powerhouse Lotte Entertainment and the Charlotte musical theater chain, while Megabox JoongAng controls PlusM Entertainment (a film investor and distributor) and Playtime JoongAng, which operates indoor children’s playgrounds.
Or read this on Variety
