Imax Sells First Theater to Azerbaijan as Russian Footprint Grows

IMAX Logo - H 2012

IMAX Logo - H 2012

The giant screen exhibitor has a deal with Caspian Capital to open a digital screen in the Flaming Towers complex in October.

TORONTO -- As the giant screen exhibitor continues to build its Russian presence, Imax has sold its first theater in Azerbaijan.

Caspian Capital is to install an Imax theater in its giant Flaming Towers complex in downtown Baku, which is set to open in October 2012.

The sales agreement with Imax follows Caspian Capital opening a six-screen cinema elsewhere in Baku in October 2010, which features Hollywood movie titles.

Toronto-based Imax currently has 24 theaters open in Russia and surrounding markets, with another 26 screens contracted to open in the future.

"Imax’s slate of Hollywood blockbusters coupled with its immersive format is sure to thrill fans and revolutionize the movie-going experience for audiences across the country,” Emin Mammadov, general director of Caspian Capital, said Monday in a statement.