NEW YORK and LEAWOOD, Kan., June 22, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and AMC Theatres (NYSE: AMC) today announced an expansion of the companies' existing full joint revenue sharing arrangement with the addition of 25 IMAX® at AMC theatres. The theatres are expected to be installed in 2016 through 2019 at both existing and new–build AMC locations, with the majority of the IMAX at AMC theatres opening within the next two years. The cities include New York, Los Angeles and Houston as well as strategic smaller-tier markets that AMC and IMAX believe present further growth opportunities. Today's agreement brings AMC's total IMAX commitment to 185 theatres and reinforces its position as the largest IMAX exhibitor in North America.
"We are delighted to further expand our partnership with our long-term partner, AMC. Today's deal is a further indication of the continued growth opportunities for IMAX in North America – where our box office grew by 87 percent in the first quarter, fueled by blockbuster titles such as Star Wars: The Force Awakens, Deadpool, and Batman v. Superman: Dawn of Justice," said IMAX CEO Richard L. Gelfond. "More than ever, audiences are seeking premium and differentiated offerings and, together with AMC, we will continue to deliver guests what we believe to be the best out-of-home entertainment experience for today's biggest event movies."
"Box office returns continue to demonstrate that our guests enjoy the premium experience our IMAX theatres offer, and we are tremendously excited to be bringing this experience to even more guests and new markets over the next couple of years," said Adam Aron, AMC CEO and President. "We are committed to growing IMAX at AMC and expect to remain IMAX's largest U.S. partner for many, many years to come."
About AMC Theatres
AMC Theatres® delivers distinctive and affordable movie-going experiences in 385 theatres with 5,380 screens located primarily in the United States. AMC has propelled innovation in the theatrical exhibition industry and continues today by delivering more comfort and convenience, enhanced food & beverage, greater engagement and loyalty, premium sight & sound, and targeted programming. AMC operates the most productive theatres in the country's top markets, including No. 1 market share in the top three markets (NY, LA, Chicago) http://www.amctheatres.com.
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®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® 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).
This press release contains forward looking statements that are based on IMAX and AMC managements' 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 and AMC's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q and their other public filings.
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SOURCE IMAX Corporation