'Fire' gives theater chain a boost
TORONTO — Imax Corp. shares jumped more than 10% to $8.60 on the Nasdaq on Monday after it said its giant-screen theaters would carry the next “Harry Potter” film and its topper said it would “make sense” to one day tie in with a Hollywood studio.
Stock jumped more than 5% on the news that “Harry Potter and the Goblet of Fire,” the fourth installment of the film series based on J.K. Rowling’s best-selling novels, will be released in the Imax format day and date with its conventional release on Nov. 18 (Daily Variety, May 2).
The stock rallied further after co-CEO Richard Gelfond said Imax was not being shopped around, but added that “at some point it’s going to make sense for Imax to affiliate with a larger entity because of the resources.”
Gelfond said Imax may be open to a takeover offer, depending on the terms and timing of the bid. But he stressed management is not pushing to sell it off in the near future.
“Our momentum has really just started and I think we’d like to see more of the Imax puzzle put together before we embark on a sale,” he added.