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