IMAX reaches 75-theatre agreement with China’s largest cinema operator and establishes local office in Hong Kong
IMAX today announced a 75-theatre joint venture with Wanda Cinema Line Corporation in China as well as the formation of IMAX China to oversee the company’s expansion in the local market.
IMAX will install its technology in 25 of the exhibitor’s multiplex locations this year, with the remainder rolled out between 2012-2014.
The agreement with Wanda represents IMAX’s first full revenue-sharing agreement in the territory and is the company’s largest single international partnership to date, bringing the total number of IMAX theatres slated to be open or in backlog in China to 177.
According to an announcement from IMAX, IMAX China (Hong Kong) was established in order to oversee the expanding IMAX business in the region, which is the company’s second-largest market.
The same announcement reports that “IMAX China is in the process of organizing a wholly foreign-owned entity in the People’s Republic of China to manage the day-to-day operations of the local office.”
Wanda, a wholly-owned subsidiary of Dalian Wanda Group, is the largest cinema operator in the People’s Republic of China, as well as the country’s largest operator of IMAX theatres.
Today’s deal paves the way for Wanda to become the largest operator of IMAX theatres outside of North America and the second-largest operator of IMAX theatres worldwide with a total commitment of 91 theatres.