Regal Entertainment Group (NYSE:RGC), the owner and operator of the largest movie theater circuit in the world, and RealD 3D, the global leader in 3D, today announced an unprecedented partnership. The deal calls for a rollout of 1500 RealD 3D screens, bringing the RealD 3D screen count to over 3500. The rollout will allow most U.S. markets to have 3D capability and will commence upon the completion of the Digital Cinema Implementation Partners (DCIP) initiative. Regal and RealD will work together to market and develop the RealD premium 3D platform in key Regal markets and theatres throughout the U.S.
The consummation of the announced deal is subject to completion of definitive agreements and is contingent upon DCIP finalizing the necessary digital cinema conversion arrangements.
“We are pleased to announce a significant expansion of our existing partnership with RealD,” stated Mike Campbell, CEO and chairman of Regal Entertainment Group. “We believe RealD is a leader in digital 3D technology and will provide an exceptional 3D experience for our customers. We look forward to the finalization of the DCIP deals, which will allow Regal to commence the expanded 3D rollout.”
“We are honored to become Regal’s partner for premium 3D cinema," said Michael Lewis, chairman and CEO of RealD. “Regal has always been a leader in innovation and in bringing new forms of entertainment to their audiences. 3D is the fastest-growing area of filmmaking and Regal’s unprecedented commitment to a nationwide RealD 3D platform represents a win for everyone.”
“I believe this partnership between Regal Entertainment Group and RealD marks a defining moment for the greatest transformation in movie-going in 70 years," said Jeffrey Katzenberg, CEO of DreamWorks Animation. "The future of cinema comes to theaters in 2009, when audiences for the first time can enjoy the extraordinary new innovations in 3D filmmaking and exhibition. Prepare to be immersed in the world of movies like never before.”
Commenting on the announcement, Chuck Viane, president, Distribution, Walt Disney Studios Motion Pictures, said, “We're thrilled that Regal Entertainment is now working in partnership with RealD to significantly increase the number of 3D venues and bring exciting state-of-the-art 3D experiences to moviegoers in most major markets. Disney has been a pioneer in producing groundbreaking 3D motion pictures, and has an ambitious slate of projects starting with the November release of our newest animated feature, ‘Bolt.’ Moviegoers have enthusiastically demonstrated their preference for quality 3D entertainment, and we join our friends at Regal and RealD in making the theatrical experience as exciting and enjoyable as possible.”
Bruce Snyder, president, Domestic Distribution, Twentieth Century-Fox Film Corporation, stated, “With ‘Ice Age 3: Dawn of the Dinosaurs,” and James Cameron’s, ‘Avatar’ both being released in the not so distant future in the 3D format, we at Fox clearly believe in the 3D process as the next great thing in the movie-going experience. We are currently deep into the negotiation with DCIP to keep the digitalization of theaters moving forward. And we are thrilled that RealD and Regal have joined together to make 3D viewing a reality on a nationwide basis.”