IMAX Corporation (NYSE:IMAX), and CJ CGV today announced a sales agreement for four new IMAX® theatres to be added to existing and new multiplexes in Turkey. The theatres will be operated by CJ CGV subsidiary, Mars Entertainment Group, operator of the largest cinema circuit in Turkey. The agreement brings to 133 the exhibitor’s total IMAX commitment with theatres in South Korea, China, Vietnam and Turkey.
IMAX first entered Turkey in 2011 with the opening of a theatre in Istanbul and one in Ankara. There are currently seven IMAX theatres in operation in the country with another four in backlog, inclusive of the agreement announced today. In 2016, two of the nation’s IMAX theatres were among the top 10 highest-grossing IMAX sites in Eastern Europe.
“We’re delighted to build on our success in Turkey and expand our presence in this underpenetrated region,” said Richard L. Gelfond, IMAX CEO. “CJ CGV is a valued partner that has helped us to establish the IMAX network and brand across many international markets. With the strength of this partnership and of our existing sites in Turkey, we believe we are well-positioned for expansion in this emerging market.”
“There is enormous potential in the Turkish cinema industry,” said Seo Jung, CJ CGV CEO. “We’re delighted to further expand The IMAX Experience® with more moviegoers through this opportunity and look forward to IMAX’s contribution to the deepening of Turkish cinema industry.”