Wanda, IMAX to Add Over 40 Cinemas in China
Sarft.net, 7/26/13
Citing the success of their 2011 cooperation agreement, Canadian film technology company IMAX Corporation and Chinese entertainment conglomerate Dalian Wanda Group announced yesterday that the two companies will partner to build an additional 40-120 IMAX theaters in China. According to the new agreement, Wanda will be given a 12-year lease on the newly constructed IMAX theaters. Wanda's lease term on all current IMAX theaters remains ten years, as stipulated in previous agreements between the two companies. After construction of the new theaters is complete, Wanda will be IMAX's largest cinema partner worldwide.
IMAX has also signed an agreement with Wanda subsidiary AMC Entertainment Holdings, extending AMC's lease term on all current and future IMAX theaters from 10 years to 13 years. According to the agreement, IMAX and AMC will build five to ten new IMAX theaters in the United States. After the construction of the theaters is complete, AMC will be managing as many as 152 IMAX theaters, becoming IMAX's largest cinema partner in North America.
IMAX Corporation currently has a total of 381 IMAX theaters that are either operational or contracted to be built in China.
Editor's Note: For more background on this topic, please see "Wanda Completes AMC Acquisition" MD 9/05/12 issue.
Keywords: film television Wanda IMAX
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