(China Daily, 25 Jul, 2013)At least 40 and up to 120 new IMAX theaters will be built according to an announcement by IMAX Corp and China’s Wanda Cinema Line Corp, Asia’s largest theater owner.
The companies announced an amendment on Thursday to their original agreement in 2011.
Wanda’s lease terms for all new IMAX theaters will be extended from 10 to 12 years, according to the deal.
This brings the number of Wanda’s IMAX theaters in China up to 210, making Wanda Cinema Line IMAX’s largest exhibition partner globally.
In addition, IMAX and AMC Theaters, a wholly owned subsidiary of Wanda Group, signed an agreement to extend AMC’s lease terms for all new and existing theatres to 13 years from 10 years and install a minimum of five and up to 10 new IMAX theaters in the US.
With the signing of the agreement, AMC will become the largest IMAX exhibition partner in North America with its number of IMAX theaters increasing up to 152.
“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,” said IMAX CEO Richard Gelfond.
Source: China Daily