Imax unveils joint venture with Muvico
EmptyTORONTO -- Giant-screen exhibitor Imax Corp. on Tuesday- unveiled its second profit-sharing joint venture theater deal in as many months, this time with Fort Lauderdale-based Muvico Theaters Inc.
Toronto-based Imax said Muvico will install three super-sized screens this year and next, the first two in St. Petersburg and West Palm Beach, Florida multiplexes, with the third going into the planned Xanadu project at the Meadowlands in East Rutherford, New Jersey.
In March, Imax announced its first multiple joint-venture theater deal (for five screens) with Regal Cinemas. The joint-venture deals are designed to give Imax a larger slice of the boxoffice and other theater revenues as Imax and the cinema operator share boxoffice revenues after both partners recover their startup costs.
"A big part of our strategy is to offer a premium movie experience that people can't get at home or in any other type of theater, and Imax furthers that objective," Muvico president and CEO Michael Whalen said in a statement.
The new deal Imax provides some good news for Imax, which has twice been forced to extend the deadline for filing its 2006 financial report because of an ongoing investigation into accounting irregularities.