Joongang Group and retail behemoth Lotte Group signed a sensational deal to ensure a huge reshaping of theatrical panorama of South Korea.
The media and retail giant signed a memorandum of understanding on Thursday to merge their respective film chains – Megabox and Lotte Cinema – to create changes that will become the largest theater exhibition entity in the United States.
In line with the announcement from Joongang Group, a three-part partnership for each company heavyweight, which may be jointly managed by each company heavyweight, quickly tracking new funded alternatives and honest commercial expense approvals.
“After discussions aimed at strengthening competitiveness and ensuring long-term sustainability of its studios, the group's holding company Joongang Holdings said in an official claim by information company Yonhap.
Contentree Joongang, the leisure division of Joongang Group, currently owns a 95.98% stake in Megabox Joongang. Meanwhile, Lotte purchases own 86.37% of the land owned by Lotte Futureworks.
South Korea’s drama exhibition industry continues to fight the pandemic recovery challenges, and each team expressed optimism that their hybrid energy will help revitalize the family film business.
Information from the Korean Film Commission shows that while the market leader currently operates 1,346 screens nationwide, the combined entity will immediately mix 1,682 screens with 1,682 screens, the 767 of Lotte Cinema's 915 Plul Megabox.
The deal extends past drama exhibitions. Lotte Futureworks' portfolio includes issuing and funding the Powerhouse Lotte Leisure and Charlotte Musical Theater chain, while Megabox Joongang Controls Plusm Leisure (film investor and publisher) and Playtime Joongang, runs the indoor teenager playground.
The merger may also affect the distribution panorama, as each of Rakuten Casino and Megabox’s Plusm Leisure ranks second among key Korean movie release gamers, as well as CJ ENM, Showbox and New.
Posts Korean chain Megabox and Lotte Cinema signal merger resolve Appear first Allcelbrities.
