Extension makes Wanda Imax's largest foreign partner and includes up to 10 new U.S. theaters
Asia's largest theater chain, Wanda Cinema Line, has extended its partnership with Imax, with plans to build anywhere from 40 to 120 new large-format venues in China, the two companies announced Wednesday.
The deal also extends Wanda's 10-year lease for all new theaters by two years, and brings its total Imax commitment in China to up to 210 theaters — making it Imax's largest international exhibition partner.
In addition, Imax and AMC Theaters, a wholly owned subsidiary of Wanda Group, signed an agreement to extend AMC's lease terms for all new and existing theaters to 13 years from 10 years and install a minimum of five and up to 10 new IMAX theatres in the U.S.
The extension brings AMC's total Imax commitment to up to 152 theaters, making them the giant-screen chain's largest exhibition partner in North America.
“We have developed great partnerships with Wanda and AMC during the last decade and we're excited that the combination of two of our strongest partners has allowed us to advance our relationships to the next level,” said Imax Chief Executive Richard L. Gelfond.