IMAX Corporation (NYSE: IMAX) and Cineplex Inc. (TSX: CGX.TO) today announced an expansion of their longstanding partnership with new state-of-the-art IMAX systems in key locations across Canada. The deal adds an additional five new IMAX systems across the country, as well as two upgrades to IMAX with Laser. Further to new theatre signings, Cineplex has also reaffirmed its strong commitment to IMAX with the renewal of agreement terms for 24 existing IMAX locations through 2028.
“Our successful 25-year partnership with Cineplex has been instrumental in growing the IMAX network across Canada, and this deal represents Cineplex’s renewed seal of trust in the value of the IMAX Experience to their thriving business,” said Rich Gelfond, CEO of IMAX. “As we continue to drive strong market share worldwide, our recent network growth in the mature North American market demonstrates the breadth of demand for IMAX among exhibitors and consumers.”
“Our partnership with IMAX has always been strong, and it speaks to the enduring value of the IMAX Experience,” said Ellis Jacob, President and CEO, Cineplex. “Cineplex remains dedicated to providing unparalleled entertainment experiences for our guests and this expanded partnership with IMAX is a testament to our unwavering commitment to our audience and the industry we serve.”
Cineplex and IMAX have enjoyed a long and successful 25-year partnership in the Canadian market. Inclusive of this new deal, the two companies now have a total of 29 IMAX locations in top-tier cities across the country, with agreement terms expanded through 2028. Cineplex is Canada’s largest exhibitor and operates over 170 movie theatres and location-based entertainment venues.
With this expanded partnership, IMAX has signed agreements for 84 new or upgraded IMAX systems around the world in 2023 to date — more than the entirety of 2022. This includes agreements in key growth markets across Asia and Europe in addition to significant growth in North American markets with both new and long-term partners.
