IMAX Corporation announce separate deals on Wednesday  with Wanda Cinema Line and Wanda-owned AMC that effectively turn Wanda into IMAX’s biggest single exhibition partner in the world.
IMAX Corporation and Wanda have amended their 2011 revenue share deal to add between 40 and 120 new theatres throughout China.
The deal extends Wanda’s lease terms for all new theatres from 10 to 12 years and brings Wanda’s total IMAX commitment in China to up to 210 theaters.
Wanda Cinema Line is now positioned as IMAX’s largest international exhibition partner.
IMAX and Wanda-owned AMC Theatres have signed an agreement to extend AMC’s lease terms for all new and existing theatres from 10 to 13 years and install a minimum of five and up to 10 new IMAX theatres in the US.
This agreement brings AMC’s total IMAX commitment to up to 152 theatres, making it the largest IMAX exhibition partner in North America.
“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 Rich Gelfond. “The Wanda and AMC IMAX network continues to flourish and today’s agreement underscores their ongoing confidence in IMAX to strengthen their businesses by delivering to audiences the industry’s best cinematic experience.”
“Our IMAX theatres have been showing strong performance while Wanda Cinema Line is constantly developing” said said Jerry Ye, vp of Wanda Group subsidiary Wanda Cultural Group. “We’re delighted to build on our successful partnership that continues to differentiate our cineplex by offering a premium entertainment experience.”
“Week after week, AMC guests are choosing to see their Hollywood blockbusters in an IMAX auditorium,” said Gerry Lopez, CEO and president of AMC. “As AMC continues to deliver the premiere experience in moviegoing, expanding our partnership with IMAX fits in perfectly with our strategy to provide the best options to even more of our guests.”
Under the terms of the agreement with Wanda Cinema Line, 80 of the potential 120 IMAX theatres are predicated on the successful development of IMAX’s next-generation laser projection system.
Upon Wanda Cinema Line’s commitment to the 80 additional IMAX theatres, the lease terms for all Wanda IMAX theatres – including their existing theatres – will convert to 12 years. In addition, they may elect to instal IMAX’s laser projection in a portion of all Wanda IMAX theatres, making them the first exhibitor to bring IMAX’s groundbreaking laser technology to Asia.
Today’s agreement means there are now up to 381 IMAX theatres open or contracted to open in China.