Imax all the Rave in 13-theatre deal
Joint venture to install another 13 digital theatresTORONTO -- U.S. exhibitor Rave Motion Pictures has struck a joint venture agreement with Imax Corp. to install another 13 digital theatres across its circuit.
Six theatres will open in November, with the rest to open their doors in early 2011.
The joint venture deal is Imax's first with Rave, the fifth largest exhibitor in the U.S. market with 61 theatres with 918 screens, and targets mid-sized markets in Alabama, California, Connecticut, Florida, Illinois, Indiana, Iowa, Louisiana, Ohio, Pennsylvania and Tennessee.
As part of the joint revenue sharing deal, Imax will receive a share of a digital theatre's box office and concession revenues in exchange for placing it into a Rave multiplex.
The 13 new digital theatres build on four film-based Imax systems that Rave already operates.
Three of those traditional theatres will be upgraded with digital projection systems as part of the agreement.
"It's very clear that consumers associate the Imax brand with the best way to go to the movies, and we believe that sentiment fits ideally with the direction and image of the Rave brand," Tom Stephenson, president and CEO of Rave Cinemas, said in a statement.