LONDON, April 11, 2017 /PRNewswire/ -- 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.
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the U.S., in Europe and throughout the world with approximately 1,000 theatres and 11,000 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying more plush power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty program, web site and smart phone apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. AMC operates among the most productive theatres in the United States' top markets, having the #1 or #2 market share positions in 22 of the 25 largest metropolitan areas of the United States, including the top three markets (NY, LA, Chicago). Through its Odeon subsidiary AMC operates in 14 European countries and is the # 1 theatre chain in UK & Ireland, Italy, Spain, Sweden, Finland and the Baltic States.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Dublin, Tokyo, Shanghai and Beijing. As of Dec. 31, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos®are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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SOURCE IMAX Corporation