The JoongAng Group and the massive Lotte Group have signed an impressive agreement, which is expected to significantly transform the movie theater industry in South Korea.
On Thursday, a partnership agreement was finalized between major media and retail corporations, aiming to combine their movie theater chains (Megabox and Lotte Cinema). This amalgamation would result in the formation of the country’s largest cinema exhibition company.
The collaboration between two major corporations, as stated in the JoongAng Group’s announcement, is geared towards expediting potential investments and securing approval from the Fair Trade Commission at a quicker pace.
In a recent announcement by JoongAng Holdings, our group’s holding company, they shared some exciting developments. After lengthy discussions about boosting competitiveness and guaranteeing the long-term viability of our cinematic ventures, we are now ready to move forward in this new chapter. This update comes via Yonhap News Agency. As a movie enthusiast, I can’t wait to see what these advancements mean for the future of our beloved film industry!
Contentree Entertainment, a branch of the JoongAng Group, presently owns about 96% of Megabox JoongAng. On the other hand, Lotte Shopping retains approximately 86% of Lotte Cultureworks.
The local movie industry in South Korea is still grappling with difficulties related to pandemic recovery, but there’s a sense of hope as both theater owners and filmmakers believe their collective power can revitalize the domestic film scene.
According to data from the Korean Film Council, the market-leading CGV currently operates 1,346 screens across the nation. If the proposed merger between Lotte Cinema (with 915 screens) and Megabox (with 767 screens) goes through, the combined company would immediately take the lead with a total of 1,682 screens.
The agreement goes beyond merely showing movies in theaters. Lotte Cultureworks boasts a diverse range of assets, such as distribution and investment powerhouse Lotte Entertainment, and the Charlotte musical theater chain. Meanwhile, Megabox JoongAng manages PlusM Entertainment (a film investor and distributor) and Playtime JoongAng, which operates indoor play areas for children.
The potential merge could reshape the movie distribution industry in South Korea, since Lotte Entertainment and Megabox’s PlusM Entertainment are significant contributors, joining forces with CJ ENM, Showbox, and New as key players in the country’s film distribution marketplace.
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2025-05-09 06:19