The new deal expands Wanda’s commitment to a total of 120 theaters.
Wanda previously signed a revenue sharing deal with IMAX in 2011, commiting it to a minimum of 40 screens and a maximum of 120. Rollout of the additional theatres is expected to begin in 2016.
Additionally, the lease terms for all new and existing Wanda theaters have been extended to 12 years from theater opening from 10.
Under the terms of the agreement with Wanda Cinema Line, up to 40 of the confirmed 80 additional theatres – depending on the size of the screen and the gross of the complex – will install IMAX’s next-generation laser projection system.
“We were very impressed with IMAX’s laser system demonstration in November and are excited to bring this exciting technology to audiences in China,” said Jerry Ye, VP of Wanda Cultural Group, a subsidiary of Wanda Group.
In 2012, Wanda Group acquired AMC Theatres, IMAX’s first and largest North American commercial exhibition partner, creating the world’s largest cinema owner as well as the world’s largest operator of IMAX theatres.
AMC Theatres today set the price of $18 per share for the listing of the company through its IPO.