South Korea’s cinema chains Lotte Cinema and Megabox call off their proposed merger, according to disclosures by both sides. Lotte Shopping, the operator of Lotte Cinema, states in a corporate filing that the memorandum of understanding with Megabox’s parent company, Contentree JoongAng, is terminated. The MOU, which was signed in May the previous year, is reported to end as of June 30. Variety reports that the deal collapses after about 14 months of negotiations and that it is linked to a worsening financial situation at JoongAng Group, the parent group behind Contentree JoongAng. Both outlets describe the termination as an official end to the merger process rather than a continuation or restructuring. The proposed combination was aimed at creating the country’s largest theatrical exhibitor, but the companies do not indicate an alternative transaction in the reporting. The cancellations leave the two chains operating independently going forward.
Lotte Cinema and Megabox drop proposed merger amid JoongAng Group financial crisis
South Korea’s cinema chains Lotte Cinema and Megabox call off their proposed merger, according to disclosures by both sides. Lotte Shopping, the operator of Lotte Cinema, states in a corporate filing...
- Lotte Cinema and Megabox terminate a proposed merger agreement.
- Lotte Shopping says its memorandum of understanding with Megabox’s parent, Contentree JoongAng, is terminated.
- The MOU was signed in May of the prior year and termination takes effect June 30.
- Reports attribute the deal’s collapse to a financial crisis involving JoongAng Group.
- The merger would have formed South Korea’s largest theatrical exhibitor, but negotiations end without a deal.
The proposed merger between Lotte Cinema and Megabox, which would have created South Korea’s largest theatrical exhibitor, has officially collapsed after roughly 14 months of negotiations, with the deal ultimately undone by a financial crisis engulfing Megabox’s parent company, JoongAng Group. Lotte Shopping and Contentree JoongAng disclosed Wednesday that the memorandum of understanding governing the […]
2 hours agoSouth Korea’s second and third largest cinema chains, Lotte Cinema and Megabox, have called off their proposed merger. Lotte Shopping revealed in a corporate filing on Wednesday that the memorandum of understanding signed with Megabox parent company Contentree JoongAng to merge the two chains was terminated on June 30. First signed in May last year, […]
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