Imax, Shanghai Film to open 19 screens in ChinaBy AP News Jul 22, 2014 4:54PM UTC
HONG KONG (AP) — Imax and China’s biggest state-owned film exhibitor are teaming up to open 19 giant screen cinemas in the world’s No. 2 movie market.
Imax Corp. and Shanghai Film Corp. said Tuesday that a “significant number” of the theaters will open before the end of 2015.
No financial terms were disclosed. Shanghai Film already operates three Chinese Imax theatres.
Box office revenues in China surged 27 percent last year to $3.6 billion, making the country a crucial market for international film companies.
The deal comes a year after Imax partnered with another Chinese company, Wanda Cinema, to open up to 120 of the Canadian company’s theatres.
At the end of 2013, Imax had 173 cinemas in China and plans for 230 more by 2021, according to its latest annual report.