Joongang and Retail Beheemoth Lotte Group has clarified a great deal promising to reshape the theatrical scene of South Korea greatly.
The giants and retailers signed a memorandum to understand Thursday to integrate the Megabox and Lotte Cinema cinema chains – creating what will become the largest playing entity in the country.
The joint project, which will be managed by both the heavy companies of companies, aims to track new investment opportunities and the approval of the Fair Trade Committee, according to the announcement of Joongang Group.
“The agreement was reached after discussions aimed at enhancing competitiveness and ensuring long -term sustainability in their cinematic and films,” Joongang Holdings, the group holding company, revealed in an official statement, at the Yonhap News Agency.
Contentree Joongang, the entertainment section of the Joongang Group, is currently 95.98 % in Megabox Joongang. Meanwhile, Lut shopping retains a 86.37 % royal center in Lotte Cultureworks.
The theater exhibitions sector in South Korea continues to conflict through the challenges of restoring the epidemic, and both groups have been optimistic that their common power will help stimulate the local film industry.
The Korean Film Council data shows that although CGV is a leader in the market currently runs 1,346 screens throughout the country, the built -in entity will immediately jump to the upper center with 1,682 screens – Lot Cinema 915 Plus Megabox 767.
The deal extends beyond the fair theatrical exhibition. The Lotte Cultureworks Porter includes the distribution and investment of PowerHouse Lotte Entertainment and the music theater series in Carlotte, while Megabox Joongang Controls Plusm Entertainment (Investor and Distributor of Film) and Lyongang, which manages the interior children’s playgrounds.
The merger may also affect the distribution scene, as both Lotte Entertainment and Megabox’s Plusm Entertainment Ranning are among the main distribution players in South Korea, along with CJ Enm, Showbox and New.
