IMAX Corp. has expanded its 2007 joint venture deal with AMC Ent. to put 15-25 more mini-IMAX auditoriums in AMC theaters in the U.S. and add three years to the initial seven-year term of the joint venture.
The amended deal also provides for an adjusted allocation of costs to help defray AMC’s increased operating expenses.
Already 79 of the originally planned 104 theaters are in operation, with the remaining 25 expected to be opened by the end of 2010 in the U.S. and Canada.
The additional 15-25 IMAX theatres are expected to be in operation in 2011 in both new markets and some existing AMC/IMAX markets.
“We are pleased to expand our relationship with IMAX, a valued partner in offering our guests the best out-of-home entertainment experience,” said Gerry Lopez, CEO and president, AMC. “Our guests clearly choose to see movies in our IMAX auditoriums because the experience is unparalleled in terms of sight and sound, and it continues to be the premium offering in our portfolio of moviegoing options.”
“”We are pleased to continue to grow with our long-time exhibitor partner AMC, contribute to their continued operational and financial success and bring The IMAX Experience(R) to more consumers, said Richard L. Gelfond, CEO, IMAX Corporation.
— By Scott Hettrick