Published July 25, 2013
SHANGHAI (AFP) – North American entertainment giant IMAX Corp. said it plans to open up to 120 new cinemas in China after reaching agreement with Chinese conglomerate Wanda Group.
The deal, announced Wednesday, brings Wanda's commitment for IMAX cinemas in China to as many as 210, according to an IMAX statement.
IMAX also announced it would cooperate with AMC, a wholly owned subsidiary of Wanda, to install five to 10 new cinemas in the United States and extend lease terms on all venues to 13 years from the previous 10, it said.
The moves will bring AMC's total commitment to 152 IMAX cinemas, the statement said.
Wanda, a diversified conglomerate, last year acquired US cinema chain AMC Entertainment for $2.6 billion.
IMAX, headquartered both in the United States and Canada, now has 738 cinemas in 53 countries, with a total of 381 already open or planned for China.