Korea’s Lotte Cinema-Megabox Merger Collapses as JoongAng Group’s Financial Crisis Deepens

South Korea's cinema landscape just shifted. A proposed merger between Lotte Cinema and Megabox—which would have created the country's largest movie theater chain—has fallen apart after fourteen months of negotiations. According to Variety, financial troubles at Megabox's parent company, JoongAng Group, torpedoed the deal. The collapse leaves South Korea's theatrical exhibition market fragmented and raises questions about consolidation in an industry already pressured by streaming.

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