IMAX Corporation (NYSE:IMAX) and ODEON Cinemas Group, including its Nordic Cinema Group subsidiary, both wholly owned by AMC (NYSE:AMC), and the largest cinema operator in Europe, today announced they signed a binding term sheet for 25 new IMAX® theatre systems to be located throughout Europe.
Under the agreement, 10 IMAX theatres have been identified and will be added to existing ODEON complexes throughout the UK/Ireland, Germany, Spain and Italy, with the locations of the remaining sites to be determined throughout Western, Southern and Northern Europe.
“Europe is a region with tremendous long-term growth potential. Today we are further delivering on our promise to expand in this strategic market with the largest European deal in our history. We believe this agreement, which is a direct result of our strong per-screen averages in the UK and Germany, will enhance our ability to replicate this success and expand our presence across Europe – particularly in underpenetrated territories like Germany, Italy, Spain and Scandinavia,” said IMAX CEO Richard L. Gelfond. “Together with ODEON & Nordic Cinemas and parent company AMC, we are committed to delivering unparalleled entertainment experiences to more audiences throughout Europe where the demand for IMAX continues to grow.”
“Today’s announcement with IMAX, our longstanding U.S. partner and now our global partner, is a major step forward to deliver on our plan to bring the proven and incredibly popular AMC movie-going experience to our ODEON and Nordic guests,” said Adam Aron, CEO and President, AMC Entertainment Holdings, Inc. “We are excited that the immersive IMAX experience, which has become synonymous with event movie-going, will be available to more European movie-goers than ever before.”
Today’s joint revenue-sharing arrangement brings ODEON & Nordic Cinemas’ total IMAX commitment to 47 theatres. The exhibitors opened their first IMAX theatre in 2008 in Greenwich, England, and today operate 15 theatres open in the UK, two in Spain and one each in Italy and Sweden, with an additional 28 contracted to open.