Imax Sells Four Theaters to Cinemas Guzzo in Canada

The Quebec exhibitor will this year open the digital screens in Montreal at existing multiplexes.

TORONTO – Working its own backyard, Imax Corp. has signed a deal with Quebec exhibitor Cinemas Guzzo for four digital theaters to be acquired and run as joint ventures.

The four super-sized screens will open in 2012 in existing Cinemas Guzzo multiplexes in and around Montreal, including in Brossard, Laval and Terrebone.

The deal concludes another major agreement for Toronto-based Imax after it sold theater screens to rival Canadian circuits like Cineplex Entertainment and Empire Theaters.

Vincenzo Guzzo, executive vp of Cinemas Guzzo, said the Imax screens are expected to drive overall growth for the Quebec exhibitor, and set it apart from competitors.

The family-controlled Cinemas Guzzo chain operates 140 screens, mainly in the Montreal market.

The joint venture deal will bring to 30 the number of screens that Imax has or is set to open in Canada, the company said.