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Imax, Chinese partner plan 120 new cinemas

Source : AP
Last Updated: Thu, Jul 25, 2013 04:45 hrs

Imax and a Chinese partner plan to open up to 120 giant-screen cinemas in China's fast-growing film market.

Imax Corp. and Wanda Cinema Line Corp., Asia's biggest cinema operator, said Thursday the agreement will make Wanda the biggest international Imax operator, with as many as 210 screens operating or planned.

Financial terms were not disclosed.

Wanda Cinema is a unit of Wanda Group, which in 2012 acquired U.S. cinema chain AMC Theatres.

The latest agreement calls for installation of Imax's next-generation laser projection system in 80 of the planned 120 theaters.

Imax, with headquarters in New York, Toronto and Los Angeles, announced a deal this month with a unit of CJ CGV, which operates South Korea's biggest cinema chain, to add 35 theaters in China and five in South Korea.

Wanda Cinemas operates 119 cinemas with 1,100 screens and reported revenue of 1.6 billion yuan ($260 million) for the first half of this year.

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Imax Corp.: www.imax.com

Wanda Group: www.wanda.cn




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