CJ CGV Expands Imax Network in China
TORONTO – Giant screen exhibitor Imax Corp. on Tuesday unwrapped a 15-theater China market deal with a subsidiary of Korean media conglomerate CJ CGV Co. Ltd.
The revenue share agreement will see CJ CGV Holdings Ltd. install another 15 Imax digital theaters in China in unspecified locations, and to be opened by 2017.
The joint venture deal will bring to 50 the number of Asian Imax theaters that CJ CGV has committed to: 20 in South Korea and another 30 revenue share theaters in China.
It also makes CJ CGV the second-largest eventual operator of joint venture Imax screens in China after the Canadian company in March 2011 unveiled a deal that will see Wanda Cinemas, China’s largest theater chain, install and open 75 giant screens in Chinese movie theaters over the next three years.
The CJ CGV deal also follows Imax naming former Sony Pictures Television exec Jiande Chen to become CEO of Imax China in Beijing as the Toronto-based exhibitor’s Asian expansion gathers pace.
"CJ CGV has proven an excellent exhibition partner for Imax in the Asia Pacific region, and we are delighted to continue working with them as they expand their network in China," Chen said Tuesday in a statement.