IMAX and Wanda Expand Longstanding Partnership, Signing Nine-Theatre Agreement across Key Chinese Markets

Rhea-AI Summary

IMAX Corporation has announced a significant nine-theatre deal with Wanda Film, China's largest exhibitor, marking the installation of six new IMAX systems in key markets. This agreement is the first of its kind since February 2021, highlighting a renewed momentum in the Chinese market. Additional upgrades will be made to three existing IMAX systems. The partnership, which spans over a decade, now includes locations in major cities such as Shanghai and Shenzhen, further solidifying IMAX's position in the global box office landscape.

Positive

• Expansion of partnership with Wanda Film to install six new IMAX systems.
• First agreement for more than five theatres in China since February 2021, indicating market recovery.
• New IMAX theatres will enhance presence in key cities like Shanghai and Shenzhen.

Negative

• None.

New Deal Underscores Long-Term Commitment to The IMAX Experience® by China's Largest Exhibitor

NEW YORK, Oct. 17, 2022 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Wanda Film, China's largest exhibitor, today announced a nine-theatre deal spanning key Chinese markets. Under the agreement, six new IMAX systems will be installed in newly built multiplexes across top Chinese markets. Additionally, Wanda will relocate and upgrade three of its existing IMAX systems to forthcoming new multiplexes.

The agreement marks an expansion of IMAX and Wanda's longstanding, successful partnership, and a sign of renewed momentum in the Chinese market; it is IMAX's first agreement for more than five new theatres in China since February 2021.

"Wanda Film is among our biggest and most dynamic partners in the world, and this agreement further enhances the value of our longstanding relationship with a strong slate of local language and Hollywood releases ahead," said Rich Gelfond, CEO of IMAX. "This expansion of our biggest partnership in China is a great sign that this critical theatrical market is recovering and ready to reclaim its position as a global box office powerhouse."

Under the agreement, new IMAX theatres will open in newly built Wanda Cinemas multiplexes in top tier cities including Shanghai, Shenzhen, and Guangzhou, among others. Wanda and IMAX's partnership dates back more than a decade and spans several major, multi-theatre deals.

Wanda boasts the most IMAX locations in China, with 371 IMAX theatres in operation and another 23 in backlog. IMAX also enjoys a longstanding partnership with Wanda Pictures — the company's production, and distribution arm — on blockbuster releases including the record-breaking 2021 Filmed for IMAX title "Detective Chinatown 3."

About IMAX Corporation 
IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theaters to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.  

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of June 30, 2022, there were 1,694 IMAX theater systems (1,610 commercial multiplexes, 12 commercial destinations, 72 institutional) operating in 87 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code "1970."  

IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, Filmed For IMAX™, IMAX LIVE™, IMAX Enhanced™, IMAX nXos® and Films to the Fullest®, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Instagram (https://www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies). 

CONTACT:

Media:
Mark Jafar
mjafar@imax.com

Investors:
Jennifer Horsley
jhorsley@imax.com

 

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SOURCE IMAX Corporation

FAQ

What is the significance of the new IMAX and Wanda Film deal?

The deal signifies a major expansion of IMAX's presence in China, marking its first large-scale agreement since February 2021.

How many new IMAX systems are being installed in China?

Six new IMAX systems will be installed across key Chinese markets as part of the deal.

When was the IMAX and Wanda Film agreement announced?

The agreement was announced on October 17, 2022.

What cities will the new IMAX theatres be located in?

The new IMAX theatres will be located in major cities including Shanghai, Shenzhen, and Guangzhou.

How many IMAX theatres are currently operated by Wanda in China?

Wanda operates 371 IMAX theatres in China, with an additional 23 in backlog.