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New Deal For IMAX In Japan

IMAX Corp. [1] has a new joint venture agreement with Tokyu Recreation [2], owner of 109 Cinemas to install five digital IMAX theatre systems in Japan.

The agreement builds on the success of IMAX’s current joint venture partnership with the exhibitor, which includes four IMAX theatres that were installed in 2009. Those existing IMAX screens have posted consistently strong box office performance with Hollywood IMAX releases, including Twentieth Century Fox’s Avatar, which grossed $8 million on the four Tokyu IMAX screens.

Under the terms of the new deal, the five new IMAX systems are scheduled to be installed in 109 Cinemas locations by June 2012, with the first two to be installed in Nov., 2010 in the greater Tokyo area. As with the previous joint venture agreement, IMAX and Tokyu Recreation will share the cost and profitability of the new theatres.