The deal marks IMAX’s single largest theater deal in Asia
IMAX on Monday announced it is partnering with South Korean exhibitor CJ CGV Holdings to install 15 digital IMAX theater systems in new locations planned for China.
The deal marks IMAX’s single largest theater deal in Asia and expands its existing relationship with CJ CGV, which already operates 5 IMAX theatres in Korea.
CJ CGV now has committed to operating up to 35 IMAX theatres overall. The deal calls for CJ CGV to install the first two IMAX systems in 2011 with all remaining installations scheduled to be completed between 2012 and 2015.
“Our experience with the IMAX brand and business in Korea has proven to us that an effective method for us to grow our business in China is to include IMAX in new multiplex locations,” said Kim Joo Hyung, CEO of CJ CGV.
“CGV is one of the most successful and largest exhibitors in Asia, and entering a new agreement with them represents our confidence in their skills as a premier exhibition partner and in the strength of the Chinese exhibition market, which is expected to increase significantly in the coming years,” said IMAX CEO Richard L. Gelfond.