Imax, AMC to add 15 to 25 more Imax theaters
By APTuesday, June 1, 2010
Imax, AMC to add 15 to 25 more Imax theaters
NEW YORK — Imax Corp. said it will open 15 to 25 new theaters next year as part of an expanded joint venture with movie theater chain AMC Entertainment Inc.
Imax, whose theaters offer larger screens and allow movies to be shown in 3-D, said the new theaters will be in addition to the 104 Imax theaters the two companies agreed in 2007 to roll out together.
Of those, 79 already have opened and the other 25 are to open in the U.S. and Canada by the end of this year.
Once the roll out is completed, AMC, based in Kansas City, Mo., will operate 125 to 135 Imax theaters. AMC owns, operates or has an interest in 380 theaters with 5,325 screens in the United States, Canada, Hong Kong, France and the United Kingdom.
The joint venture was lengthened to 10 years from seven and adjusted to help offset AMC’s increased operating expenses. AMC is privately held.
Shares of Imax, based in Mississauga, Ontario, rose 13 cents to $17.08 in afternoon trading.
