Imax inks deal with Korea's CJ CGV Holdings
Exhibitor to install 15 digital theaters in ChinaTORONTO -- Unveiling its second multi-theater deal Monday, Imax Corp. said Korean exhibitor CJ CGV Holdings will install 15 digital theater systems in new locations planned for China.
The agreement expands Imax's existing relationship with CJ CGV, which already operates five super-sized theaters in Korea, and comes on the heels of the joint venture arrangement between the two parties unveiled in March.
The deal will eventually have CJ CGV operating up to 35 Imax theaters in all, with the first two digital theater systems to be installed in 2011, and the rest to go in between 2012 and 2015.
The agreement will also see Imax and CJ CGV share the box office of all 15 Chinese locations once they come on stream.
Earlier Monday, Imax said U.S. exhibitor Rave Motion Pictures has struck a joint venture agreement to install another 13 digital theaters across its circuit.