Imax to add 35 theaters in China, South Korea

Imax to add 30 theaters in China, 5 in South Korea in deal with CJ CGV Holdings

Associated Press

NEW YORK (AP) -- Imax plans to add 35 more of its theaters overseas in a deal with CJ CGV Holdings Ltd.

The big-screen technology company said Monday that the agreement includes 30 theaters in China and five in South Korea.

Financial terms were not disclosed.

The deal expands on an existing partnership between the two companies, putting them at a 95 theater commitment that includes 75 in China and 20 in South Korea.

Imax Corp. had 133 theaters operating in China as of March 31, with 117 in backlog.

The agreement between Imax and CJ CGV also includes the installation of Imax's next-generation laser digital projection system in a theater in a metropolitan area in Korea by 2015's end.

CJ CGV Holdings oversees theater expansions in China. It is a subsidiary of CJ CGV, which runs South Korea's biggest movie theater chain.

Imax shares closed Friday at $24.96, up 11 percent since the start of the year. The stock was not trading premarket.

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