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- CJ Seeks Chinese Joy
- by KIM Hyun-min / Nov 13, 2012
- IMAX and CJ CGV Holdings, Ltd. to Install 15 IMAX Theaters in China
IMAX Corporation (NYSE: IMAX; TSX: IMX) and CJ CGV Holdings, Ltd., a subsidiary of Korean media conglomerate CJ CGV Co. Ltd., announced an expansion of the companies' revenue share agreement with the addition of 15 new IMAX theatres to be installed in new construction projects throughout the People's Republic of China on Nov. 8. The agreement brings CJ CGV's IMAX commitment to a total of up to 65 theatres in South Korea and China.“Since 2009, IMAX has served as a key differentiator for our Korean circuit, providing our guests with the most immersive movie-going experience available” said the CEO of CJ CGV, Mr. SEO Jung “We're delighted to expand our IMAX commitment and leverage this competitive advantage to support our aggressive expansion plans throughout China.”“We're pleased to build on our relationship with CJ CGV - a top-notch exhibitor that is helping to bring more IMAX theatres into untapped regions in China” said Jiande Chen, CEO of IMAX China. “We remain committed to supporting the growth of China's film and exhibition industry and bringing the best in Chinese and Hollywood blockbusters to more audiences across the country.”“Today's agreement underscores the continued momentum for IMAX in China, where we're seeing more property developers looking to add IMAX theatres as the anchor entertainment attraction in their new commercial developments” said Don Savant, Senior Vice President and Managing Director, Asia Pacific. “Working closely with our strategic partner, CJ CGV, we are addressing this demand and leveraging our revenue share business model to more quickly capitalize on these opportunities.”
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