Large-screen exhib also extends agreement with AMC Theaters
While the rest of Hollywood seems to struggle gaining access into China, Imax continues to enlarge its footprint on the mainland, amending an existing agreement with Wanda Cinema Line Corp. to include up to 120 new Imax theaters in China.
The new deal between Imax and Wanda, Asia’s largest theater chain owner, specifies a minimum of 40 theaters. The pre-existing deal was a 75-theater joint venture, the first full-revenue sharing deal for Imax in China.
“We have developed great partnerships with Wanda and AMC during the last decade and we’re excited that the combination of two of our strongest partners has allowed us to advance our relationships to the next level,” Imax CEO Richard Gelfond said in a statement.
In addition to the Wanda deal, Imax has extended its lease agreement with all new and existing AMC theaters to 13 years, up from 10, and install between five and ten additional Imax-AMC theaters in the U.S. AMC is a wholly owned subsidiary company of Wanda.
Imax now has 381 theaters either opened or contracted to open in China. The company’s AMC footprint stands at 342 U.S. locations.