×
You will be redirected back to your article in seconds

Imax shares rise on rumors of sale

Company denies report of Sony's interest

Shares of Imax Corp. soared 7% Friday on a U.K. report that Sony Corp. is considering a bid for the giant-screen company.

Toronto-based Imax knocked down the report in the Daily Mail.

Citing anonymous sources, the paper reported Friday that Imax chief executive Richard Gelfond and chairman Bradley Wechsler were believed to be pushing for a sale to Sony at $40 a share. The article also said Disney could be a bidder.

Shares of Imax rose $1.80 to $28.66 in trading on the Nasdaq after trading as high as $32.30.

Imax responded to the price increase as a result of a request from the Investment Industry Regulatory Organization of Canada on behalf of the Toronto Stock Exchange.

“Imax Corp. is not aware of any corporate developments to account for this activity,” the company said in the statement. “The company’s policy is not to comment on rumors or speculation, and accordingly does not intend to comment further.”

Popular on Variety

Sony and Disney could not be reached for comment.

In October, Imax cited the success from “Inception” in reporting third-quarter revenues had risen to $51.1 million, up 17% from the same sesh in 2009.

“The performance of ‘Inception’ demonstrated how our fans seek out Imax because it is the best way to experience a movie, whether in 2D or 3D,” Gelfond said at the time.

The company’s year-to-date earnings, ending Sept. 30, were also up 17% over the previous year, totaling $179.5 million vs. the $117 million earned in 2009 as Imax reported an adjusted net income of 81¢ per share during the first nine months, compared to the period’s 15¢ per share the previous year.

Imax also credited its network growth as exhib had added 100 theater contracts vs. the 13 signings during the year-ago period.

More Film

  • Legion M Launches Film Scout Mobile

    Film News Roundup: Legion M Launches Film Scout Mobile App at Sundance

    In today’s film news roundup, Legion M is launching its Film Scout mobile app, the first round of Oscar presenters are unveiled, Verve is expanding its book-to-screen business, “Gladiator” producer David Franzoni boards an American Indian project, and XYZ announces promotions. SUNDANCE LAUNCH Fan-owned Legion M is launching its Film Scout mobile app at this [...]

  • Writers vs Agents Packaging War WGA

    APA Reaches Deal With Writers Guild of America

    APA has reached a deal with the Writers Guild of America, ending a nine-month standoff over allowing the agency to represent guild members. The full-service agency made the announcement Tuesday, four days after the Gersh agency signed a similar deal with the WGA. It’s the sixth mid-size agency to accede to the WGA’s bans on [...]

  • UTA Sundance

    UTA Marketing Ups Sundance Game With Private Residence, Programming

    Talent agency hospitality is a mainstay at the Sundance film Festival, be it in swanky lounges on Park City’s Main Street or private chalets in nearby Deer Valley. United Talent Agency, whose talent roster and independent film group always come in force each year, typically throws a brunch for friends and press — but will [...]

  • Joel Silver

    Silver Pictures Settles with Family of Assistant Who Died on Bora Bora Trip

    Silver Pictures has reached a confidential settlement with the family of Carmel Musgrove, the assistant to Joel Silver who was found dead in a Bora Bora lagoon in 2015. Musgrove’s family filed a wrongful death suit in 2017, alleging that she had been overworked and furnished with drugs and alcohol during the trip. The family [...]

  • David O. Russell

    David O. Russell Looks at 'Three Kings' 20 Years Later

    When David O. Russell made “Three Kings” in 1999, it was one of the most definitive films on the Gulf War. At the time, the director had worked on shorts “Hairway to the Stars” and “Bingo Inferno: A Parody on American Obsessions.” He had also worked on features “Spanking the Monkey” and “Flirting with Disaster.” [...]

  • Metoo Sundance The Glorias Zola On

    #MeToo Issues Continue to Make an Impact on Sundance Films

    If there were any doubts that the impact of sexual-harassment exposés­­ and backlash against them had died down, Oprah Winfrey put them to rest when she withdrew her name (and Apple’s distribution) from “On The Record,” a film about allegations against music execs Russell Simmons and L.A. Reid — just two weeks before its Sundance Film Festival premiere. Variety reached out to Winfrey and the [...]

More From Our Brands

Access exclusive content