IMAX (IMAX.NYSE) will soon strike a deal with state-owned Shanghai Film Corp. to open 19 new film theaters in China, The Wall Street Journal reported. The new theaters will open in the second half of 2015, according to an IMAX spokeswoman. IMAX Chief Executive Richard Gelfond expects an agreement for six more screens to be signed with another Chinese partner in coming weeks. He declined to disclose details. China is a critical growth market for IMAX and is set to become the company’s largest. It plans to open more than 246 screens in the next five years, adding to more than 170 screens open today in the country.
Categories