Imax and Chinese partner to open 80 more theaters

The Associated Press
December 18, 2013

Imax Corp. and a Chinese cinema operator plan to open 80 more of Imax's giant-screen movie theaters in China.

Imax and its Chinese partner, Wanda Cinema Line Corp., said Wednesday that they will start rolling out the new theaters in 2016. Wanda Cinema is a unit of Chinese conglomerate Dalian Wanda Group Co.

Financial terms were not disclosed.

In July, the two companies announced a deal to open 40 theaters together with an option to open 80 more. With the additional 80 theaters, Wanda has committed to operating 210 Imax theaters in total.

U.S. shares of Canada-based Imax rose $1.06, or 3.7 percent, to $29.67 in afternoon trading Wednesday. Its shares had risen more than 27 percent in 2013 through Tuesday.