Media Gallery not using lightbox and required libraries are in place. What is wrong? I'm trying to make a Gallery utilizing lightbox on my Drupal 7.26 site.
I've picked Media Gallery (7.x-1.0-beta8) and as it says it requires the following compulsory components to work: 


Media (1.4)
Multiform (1.0)
ColorBox jQuery plugin


I've extracted a colorbox-master.zip under sites/all/libraries and renamed colorbox-master folder to colorbox. Now the sites/all looks like this.



I also have the colorbox module installed.

The images in the gallery doesn't seem to use any lightbox at all when clicked upon. I've checked a couple of other solutions elsewhere and I think I've gotten all of them covered as you can see on the screenshot above. Nothing else seems to help.

What am I doing wrong?
As Bala Varadarajan suggested. I gave sites/all/libraries/colorbox/ and all its contents full Read/Write permissions.

The lightbox is working now.