MOU signed to merge operators of Lotte Cinema, Megabox cinema chains

Korean Chains Megabox and Lotte Cinema Sign Merger Agreement

JoongAng Group and retail behemoth Lotte Group have inked a blockbuster deal that promises to dramatically reshape South Korea’s theatrical landscape. The media and retail giants signed a memorandum of understanding Thursday to merge their respective cinema chains — Megabox and Lotte Cinema — creating what would become the nation’s largest theatrical exhibition entity. The […]

Korea’s Lotte & Megabox Cinema Chains Set To Merge Amid Key International Market’s Recovery Woes

In a move that could reshape the South Korea exhibition landscape, the country’s respective second- and third-largest exhibitors — Lotte Cinema and Megabox — are set to merge. Today, a memorandum of understanding for a tie-up of Lotte Cultureworks and Megabox Joongang, parent companies of Lotte Cinema and Megabox, was signed, per a statement posted to Lotte Group’s website. In the statement (translated from Korean), retail giant Lotte Group sa…

MOU signed to merge operators of Lotte Cinema, Megabox cinema chains

Korean media giant JoongAng Group and retail conglomerate Lotte Group signed an agreement Thursday to merge their respective affiliates that operate Megabox and Lotte Cinema — the country's third- and second-largest movie theater chains. JoongAng Group announced that it signed a memorandum of understanding (MOU) with Lotte Group for the merger of Megabox JoongAng and Lotte Cultureworks. It added the joint venture will be co-managed by both compa…

(Seoul = Yonhap News) Reporter Oh Bo-ram = JoongAng Group and Lotte Group signed a memorandum of understanding (MOU) on the 8th for the merger of their film affiliates, Megabox JoongAng and Lotte Cultureworks...

South Korea’s Lotte Cinema and Megabox chains set to merge

The move has been taken as the local film industry continues to struggle due to the growth of streaming platforms.

Megabox to merge with Lotte Cinema as box office industry looks for turnaround

The operator of Megabox, Korea's third-largest theater chain, will merge with the owner of Lotte Cinema, the country's second-largest chain, as the domestic box office industry continues to struggle against online streaming platforms.