* Imax, AMC to set up 15 to 25 new Imax theaters in 2011
* Extend length of the joint venture arrangement
TORONTO, June 1 IMAX Corp IMX.TO said on
Tuesday it plans to expand its big-screen theater offering in
North America in partnership with theater-operator AMC
Imax and AMC intend to open 15 to 25 new Imax theaters in
2011 in both new markets and some markets where AMC already
operates Imax theaters in North America, the two companies said
in a joint statement.
Upon completion of the full roll-out, AMC will operate
between 125 and 135 Imax theaters, the companies said.
Imax, which has transformed its business to digital
projection from large-format film, said earlier this year that
based on recent deals, it expects to install more theater
systems in 2010 than it previously forecast. [ID:nN29158776]
In April, Imax posted quarterly results that blew past
analyst expectations as blockbuster 3D films like "Avatar" and
"Alice and Wonderland" played to big crowds in most theaters.
There are currently close to 440 Imax theaters operating in
47 countries across the globe.
Imax said it has also extended the length of the joint
venture arrangement for all AMC Imax theaters to 10 years, from
the previous term of seven years.
The company said it has also adjusted allocation of costs
to help defray AMC's increased operating expenses.
(Reporting by Euan Rocha, editing by Dave Zimmerman)