Imax Corp. has created a division, dubbed Imax Enterprises, to develop businesses tied to its giant-screen operations and to digital technology initiatives.
Company, which has 208 theaters leasing its equipment, also named veteran media finance executive Richard Intrator as president of Imax Enterprises and executive vice president of its Imax Ltd. operations arm. Intrator had most recently been managing director and group head of PaineWebber’s media investment banking unit.
Announcement comes on the heels of strong performance of Disney’s “Fantasia 2000” at Imax theaters with more than $40 million worldwide from fewer than 80 theaters so far this year. Imax is hoping the success of the movie, which will go into wide release at conventional locations this summer, will lead to other deals with top studios.
Imax also pledged earlier this month at the ShoWest convention to aggressively roll out advanced digital projectors based on Texas Instruments’ Digital Light Processing technology.
Imax co-CEOs Richard Gelfond and Bradley Wechsler said Intrator’s appointment would support Imax’s strategy of moving into new digital business areas.