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IMAX and Carmike Ink 10-Theater Deal

IMAX (NYSE: IMAX  ) is set to boost its presence in 10 facilities across the U.S. operated by Carmike Cinemas (NASDAQ: CKEC  ) . The two companies announced in a joint press release that IMAX systems will be installed in the cinemas, which are either existing complexes or new construction projects. Revenue from the IMAX titles will be shared between the companies.

The terms of the deal were not made public.

The agreement covers Carmike theaters across the U.S., in locations such as Georgia, Tennessee, and Texas.

The two companies already collaborate on cinema projects. Through acquisitions, Carmike currently has eight IMAX systems in its facilities.

In the press release, the companies quoted IMAX CEO Richard Gelfond as waxing enthusiastic about his company's increased footprint. He said it was "delighted to see the continued demand for Imax domestically -- particularly in the Southeast region of the U.S., which continues to present expansion opportunities for the company."

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Related Tickers

9/28/2016 4:00 PM
CKEC $32.70 Down -0.02 -0.06%
Carmike Cinemas CAPS Rating: *
IMAX $29.40 Down -0.18 -0.61%
IMAX CAPS Rating: *****