Megabox crisis raises concerns over future of Korean cinema
The financial crisis facing Megabox JoongAng is raising concern across Korea's film industry, with filmmakers and distributors warning that the problems extend far beyond a single theater chain. As one of the country's three major multiplex operators and a leading film investor through Plus M Entertainment, Megabox has become deeply embedded in the Korean movie business. Industry officials said any disruption to its operations could impact filmmaking and distribution at a time when the sector is already struggling to recover from the pandemic and the rise of streaming platforms. On June 12, Megabox JoongAng was among five affiliates of JoongAng Group that filed for corporate rehabilitation with the Seoul Bankruptcy Court. The move came days after JTBC, the group’s flagship broadcaster, declared a default on 20.6 billion won ($13.5 million) in debt repayments. While Megabox theaters continue to operate normally, the filing has sent shockwaves to the industry. For more than two decades, Megabox has stood alongside CGV and Lotte Cinema as one of Korea's three major multiplex chains. Throug
