Major Korean entertainment company Mediaplex is set to close down its upstart production arm Motion 101, giving rise to speculation regarding its parent company Orion Group's future intentions for the film business.
Mediaplex houses major investor/distributor Showbox and operates the Megabox theatre chain.
It sold off the latter, which it built into the country's third largest multiplex chain, to Australian financial consortium Macquarie last July. The move was later widely reported to have been to make fast cash for Orion's construction enterprises in Yongsan and Dogok, lucratively developing areas of Seoul.
Less than two years old, Motion 101's lead project The Fist, announced last fall to be directed by hit Welcome To Dongmakgol director Park Kwang-hyun, is still in development.
Showbox remains an investor while the project, budgeted at 'more than $10m', will be looking as previously planned to outside investment as well.
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