Sony's 'Elysium' to Land on Imax Screens Worldwide
Meanwhile, Warner Bros. is pushing back the release of the "300" sequel to March 7, leading a B. Riley analyst to lower his Q3 box-office forecast for the exhibitor.
TORONTO -- Imax confirmed Tuesday that Neill Blomkamp's Elysium will land on its screens worldwide Aug. 9 via a distribution deal with TriStar Pictures and Media Rights Capital.
The Matt Damon and Jodie Foster-starrer will be digitally remastered for Imax theaters.
Meanwhile, Warner Bros. is pushing back the release of the sequel 300: Rise of an Empire from Aug. 2 to March 7, 2014. The move had analyst Eric Wold of B. Riley lowering his third-quarter box-office projection for the company.
The 3D sequel to 300 is headed to Imax via a 20-picture deal with the Hollywood studio.
Dropping the quarterly estimate to $128 million from $160 million came as Wold said it was unlikely the gap would be filled by James Mangold’s The Wolverine, out July 26, or other replacement pictures.
Instead, he expects Guillermo del Toro’s Pacific Rim will have a four-week run in Imax theaters after opening this weekend, ahead of Elysium landing on the giant screens next month.
Despite the gap from Warner Bros. shifting the 300 sequel, Wold reaffirmed his $37 price target and buy rating on Imax stock.
Shares in the Toronto-based exhibitor were trading Tuesday afternoon on the New York Stock Exchange at $25.09, up 1 cent on the day.
“We continue to believe the tough Q3 film slate comparison is already widely understood by investors, and we continue to stress investors should focus on both rolling 12-month box-office trends to eliminate calendar lumpiness as well as the expectation for improving Imax screen monetization trends starting in CY14,” Wold said Tuesday in an investors note.
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