Imax Signs Eight-Theatre Russia Deal

Imax adds another eight-theatre deal with Cinema Park to the 10 theatres already acquired by the Russian exhibitor.

TORONTO – Imax Corp. has sold another eight digital theatres to Russian exhibitor Cinema Park.

The deal, which continues expansion by Toronto-based Imax in Russia, comes on top of an earlier 10-theatre deal with Cinema Park unveiled in July 2010.

The latest agreement will see Cinema Park, a division of Russia’s Profmedia Holding, install Imax theatres in multiplexes in Kaliningrad, Ulyanovsk, Omsk, Krasnoyarsk, Tula, Penza, Stavropol and Irkutsk in 2012 and 2013.

The regional installations get Imax beyond Moscow and St. Petersburg, and bring to 46 the number of theatres the big screen chain expects to have in Russia and the Commonwealth of Independent States by 2014.

Imax will sell its digital theatre technology to Cinema Park and collect royalties, unlike the 75-theatre deal unveiled last week in China with Wanda Cinemas which calls for a revenue-sharing arrangement.