5:30am PT by Etan Vlessing
Imax Expands Partnership With Korea's CJ, Adding 35 Theaters in Asia
TORONTO – Imax and Korean media group CJ CGV Holdings have expanded their four-yearold pact by adding 35 new theaters across China and Korea.
The latest deal includes 30 screens to be installed in new construction projects across China, and five theaters in Korea shifted from optional to confirmed venues.
Imax’s largest agreement to date with CJ CGV brings CJ's stable to 95 theaters, with 20 in South Korea and 75 in China.
South Korea’s largest multiplex cinema chain first tied up with Imax in 2009 to roll out the large format theater in an expanding Chinese exhibition market. CJ CGV last year brought its count of Imax theaters to 65 with an earlier 15-screen deal.
The latest agreement also increases Imax’s footprint in the fast-expanding Asian market.
"The strength of our brand and technology in China enabled this agreement with CJ CGV, a world-class exhibitor and marketer of the Imax brand," said Imax CEO Richard Gelfond in a statement.
Imax currently has 133 theaters open and 117 theaters in backlog in China.
"With today's agreement, we are building on our success with Imax, which continues to generate incremental attendance and revenue to our complexes," added Seo Jung, CEO of CJ CGV, in his own statement.
CJ CGV is also to install Imax's laser digital projection system in an unspecified Korean theater by the end of 2015, pending final documentation.