S. Korea company won't form distrib. Monopoly

SEOUL — South Korea’s CJ Entertainment has backed away from its plan to purchase almost 30% of Plenus, the parent company of producer-distrib Cinema Service, citing irreconcilable differences in negotiating the price and conditions.

Deal would have given CJ and Cinema Service about 60% of the Korean film distribution market. The potential accord had stirred some controversy in the film sector, which feared monopoly of the distribution majors.

Follow @Variety on Twitter for breaking news, reviews and more