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 joint venture, which will be co-managed by both corporate heavyweights, aims to fast-track new investment opportunities and Fair Trade Commission approval, according to JoongAng Group’s announcement.
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“The agreement was reached following discussions aimed at strengthening competitiveness and ensuring long-term sustainability in their cinema and
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