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Lotte Cultureworks, Megabox Central to form joint cinema venture in South Korea

( May 8, 2025, 07:39 GMT | Official Statement) -- MLex Summary: Movie theater chains Lotte Cultureworks and Megabox Central, owned by Lotte Group and JoongAng Group respectively, have inked a memorandum of understanding to merge in an effort to boost their competitive edge and strengthen their financial position. According to the companies, the planned joint venture will be formed using Lotte Shopping's 86.4 percent ownership of Lotte Cultureworks and Contentree JoongAng's 96 percent stake in Megabox Central, with both parties sharing management responsibilities. The merged entity aims to streamline operations, eliminate redundant costs, develop more premium theater experiences and expand investment in content creation. Should the deal proceed, it would establish a two-player dominance in South Korea's cinema market, with the new company competing directly against CJ CGV. The proposed merger must secure additional funding and receive clearance from the Korea Fair Trade Commission.The statement, in Korean, follows:...

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