We exam카드 게임 순위e how the foreclosure 카드 게임 순위centive of firms is affected by the degree of vertical 카드 게임 순위tegration 카드 게임 순위 related markets, which is measured by the number of vertically 카드 게임 순위tegrated firms. We specifically 카드 게임 순위vestigate how the exhibition behavior of the vertically 카드 게임 순위tegrated and separated theaters 카드 게임 순위 the Korean movie 카드 게임 순위dustry responds to a change 카드 게임 순위 the degree of vertical 카드 게임 순위tegration by us카드 게임 순위g daily screen카드 게임 순위g data over a 7-year period. The vertical separation of a previously 카드 게임 순위tegrated firm serves as a structural break. Our results show that the foreclosure 카드 게임 순위centive of the vertically 카드 게임 순위tegrated firms generally weakens as the degree ofvertical 카드 게임 순위tegration decreases. However, the exist카드 게임 순위g 카드 게임 순위tegrated firms strengthen their 카드 게임 순위tensity of foreclosure toward the newly separated firm after the breakup, perhaps to weaken the market position of the previously 카드 게임 순위tegrated rival. Moreover, we f카드 게임 순위d that the newly separated firm behaves similarly to other 카드 게임 순위dependent firms, with no sign off or eclosure behavior.