Imax signs 31-screen venture with Regal Cinemas

TORONTO (Reuters) - Imax Corp said on Monday it had entered a joint venture with Regal Cinemas to have 31 of its giant movie screens installed in 20 major U.S. markets.

As part of the deal, Imax said in a statement it will share the cost and profitability of the new theaters with Regal Cinemas, a subsidiary of Regal Entertainment Group.

The first group of theaters is expected to open by November. The financial terms of the agreement weren't disclosed.

Imax said the deal expands its joint venture partnership with Regal Cinemas to 38 theaters and will bring Regal's total number of Imax theaters to 52 by the end of 2010.

Shares of Imax, down 5.5 percent in 2007, closed at C$6.41 on the Toronto Stock Exchange on Thursday, before the Good Friday holiday. Regal Entertainment shares closed at $19.09 on the New York Stock Exchange.

Reuters/Nielsen