SHANGHAI, June 15, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and IMAX China (HK.1970) today announced the completion of the formative agreements to establish the IMAX China Film Fund with partner China Media Capital ("CMC"). The China Film Fund, which will initially be capitalized with $50 million, will co-finance approximately 15 Mandarin-language tentpole films over three years. The Fund will target productions that can leverage the IMAX® brand, technology, relationships, and release windows.
The China Film Fund will take advantage of favorable trends in the Chinese market, strengthening the IMAX brand and capitalizing on relationships with studio, exhibitor and local distribution partners, as well as content creators. The Fund will enhance an already successful IMAX slate of Chinese DMR films and leverage CMC's experience within China's content creation industry.
The Fund will target contributions of between $3 million and $7 million per film, and will operate under an IMAX-CMC greenlight committee. IMAX and CMC may potentially bring in other investors to increase the size of the Fund.
"Our strong relationships with China's most acclaimed studios and filmmakers mirror those we've established in Hollywood, thanks to the support of our valued partner CMC," said IMAX CEO Richard L. Gelfond. "The Fund will further deepen our ties in the China film industry and allow us to generate the highest-quality Mandarin content for Chinese and international audiences alike. Our commitment to the success of our business in China and its filmmaking community is unwavering. Together, we are excited to launch a new and exciting chapter of filmmaking in China."
"The appetite for premium Chinese content among the nation's moviegoers continues to grow. The Fund is an outgrowth of CMC's privileged capability and extensive connections in the Chinese film industry and IMAX's beloved brand and differentiated cinematic experience. We hope this will support the creation of more tentpole Mandarin-language films," said CMC Chairman Ruigang Li. "Together we are thrilled to play a strategic role in shaping the future of filmed entertainment in China."
"Our early involvement in the Chinese cinema industry has afforded us tremendous brand value and has helped cement IMAX as the go-to format for blockbuster movies," added Jiande Chen, CEO, IMAX China. "The Fund is a part of our continued growth and evolution within China that coincides with the nation's growing cinema industry and trend toward locally-produced blockbuster content, which along with CMC we will now help to finance."
About IMAX China
IMAX China is a majority-owned subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Mar. 31, 2016, there were 1,066 IMAX theatres (952 commercial multiplexes, 17 commercial destinations and 97 institutions) in 68 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
About China Media Capital(CMC)
China Media Capital ("CMC"), founded and chaired by Ruigang Li, is China's prominent investment and operating platform dedicated to media & entertainment, Internet & mobile, and lifestyle. CMC has created and supported the growth of a wide range of industry leaders in key sub-sectors across content, platform, and technology, including film, television, sports, location-based entertainment, music, game, ticketing, VR, smart TV, advertising, e-commerce, financial media, financial and media data service. CMC's portfolio include Star China, IMAX China, Flagship Entertainment, Oriental DreamWorks, TVB, Whaley Technologies, Imagine Entertainment, Shaw Brothers, Base FX, Infinity Pictures, Dream Center, Daylight Entertainment, IPCN, Bilibili, China Sports Media, City Football Group, Soccer World, SECA, Caixin, Charm, Sumscope, Yoho, Secoo, SNH48, Loonggame, Ourgame ,EJOY, Wepiao, Gewara, Broadway Global Ventures, and Eleme.
This communication shall not constitute an offer to sell or the solicitation of an offer to invest in the fund, nor shall there be any sale of an interest in the fund to any party to whom the offer of such an investment is prohibited.
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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SOURCE IMAX Corporation