IMAX Backlog in China and South Korea Grows Again

IMAX's (NYSE: IMAX  ) march to world domination continues.

After announcing expansions of its theater network in first Russia, then Mexico, then Indonesia earlier this year, the theater-tech company announced Monday that it is partnering with CJ CGV Holdings to add 35 new IMAX theaters in China and South Korea. Five of these new theater locations, the Korean ones, had been previously optioned, but are now confirmed. The 30 Chinese locations are officially "new" news.

Already an IMAX partner, and one that IMAX CEO Richard Gelfond calls "a world-class exhibitor and marketer of the IMAX brand," CJ CGV now has agreements in place to open a total of 95 such IMAX theaters in Southeast Asia -- 20 in Korea, and 75 in China.

Today's deal, however, is the largest single announced deal IMAX has yet signed with CJ CGV. It increases the number of IMAX theaters in "backlog" for construction in China to 117, in addition to the 133 theaters already operational in the Middle Kingdom. It also, incidentally, helped send IMAX shares rocketing more than 5.8% in Monday trading, to close at $26.42.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2538556, ~/Articles/ArticleHandler.aspx, 9/25/2016 1:54:59 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 1 day ago Sponsored by:
DOW 18,261.45 -131.01 -0.71%
S&P 500 2,164.69 -12.49 -0.57%
NASD 5,305.75 -33.78 -0.63%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/23/2016 4:02 PM
IMAX $29.80 Up +0.42 +1.43%
IMAX CAPS Rating: *****