Imax Corporation has closed a deal with South Korea exhibitor CJ CGV Holdings to instal 15 digital Imax theatre systems in China.
The company has also signed a deal with Rave Motion Pictures, the fifth largest theatre exhibition chain in the US, to install 13 Imax digital theatres at Rave locations around the country.
The CJ CGV Holdings deal marks Imax’s largest theatre deal in Asia and expands its existing relationship with CJ CGV, which already operates five Imax theatres in South Korea
CJ CGV has now committed to operating up to 35 IMAX theatres. The deal calls for CJ CGV to install the first two systems in 2011 with all remaining installations scheduled to be completed between 2012 and 2015.
The parties anticipate sharing the box office of all 15 Chinese locations once installed.
Returning to the deal with Rave, six theatres are scheduled to open in November and the remainder are planned to open in early 2011. The joint venture agreement is the first between Imax and Rave and will expand the network to key mid-sized markets in Alabama, California, Connecticut, Florida, Illinois, Indiana, Iowa, Louisiana, Ohio, Pennsylvania and Tennessee.
Rave already operates four Imax film-based theatre systems, three of which will be upgraded to IMAX’s digital projection system in 2011 as part of this deal. Upon completion of the roll-out, Rave will operate a total of 17 Imax theatres across its circuit of 61 theatres.
Imax’s announced number of theatre system signings year-to-date has increased to 153 worldwide.