Wanda Orders Up to 120 New Imax Theaters for China
The latest deal revises a 2011 joint venture between the giant screen exhibitor and the Asian exhibition giant.
TORONTO -- Asian exhibition giant Wanda Cinema Line Corp. has inked a deal with Imax for up to 120 new theaters for China.
Wanda and and Imax have revised their 2011 joint revenue share agreement to add at least 40 and as many as 120 new theaters to be located throughout China.
The deal also extends Wanda's lease terms for all new theaters to 12 years, from 10, and will see Wanda commit to up to 210 theaters.
The latest deal also makes Wanda Imax’s largest international exhibition partner.
It’s also a long way from Imax’s initial 10-theater pact with Wanda in 2007 and has the Canadian-based giant screen exhibitor continuing to ride China’s multiplex-building wave.
In a separate deal, Imax and AMC Theaters, a subsidiary of Wanda Group, has agreed to extend AMC's lease terms for all new and existing theaters to 13 years, from 10.
AMC, committed to up to 152 Imax theaters, is now the giant screen exhibitor's largest partner in North America.
"We have developed great partnerships with Wanda and AMC during the last decade and we're excited that the combination of two of our strongest partners has allowed us to advance our relationships to the next level," said Imax CEO Richard Gelfond in a statement Wednesday.