IMAX Corporation has acquired a stake and a “significant option position” in PRIMA Cinema Inc, whose proprietary systems transmit theatrical releases for secure home viewing.
IMAX plans to integrate the PRIMA Cinema technology into the IMAX Private Theatre and other potential platforms and has negotiated an exclusive five-year window to distribute and resell PRIMA systems in China. IMAX will also take a seat on PRIMA Cinema’s board of directors.
“Today’s agreement with PRIMA Cinema enhances our ability to deliver a premium, end-to-end in-home entertainment experience, combining the best of IMAX’s immersive image and sound technology with the delivery of current theatrical titles,” said IMAX CEO Richard Gelfond.
“In addition to using PRIMA Cinema in our IMAX Private Theatre systems, we are also exploring ways to integrate IMAX’s proprietary technology and PRIMA Cinema’s delivery system into other premium in-home applications.”
“PRIMA Cinema is incredibly proud to partner with IMAX and introduce a new level of innovation in the digital entertainment industry,” said Jason Pang, PRIMA Cinema founder and CEO.
“We’ve set a high bar in terms of security and quality with our current PRIMA Cinema system. Complementing the IMAX Private Theater raises it to new heights and creates an entirely new digital outlet for the film industry.”