IMAX sells 20% of China operations
Shares sold to CMC and FountainVest
CGV tops 100 million annual visitors in 2013
Global expansion planned
CGV expands in Vietnam
Korean exhibitor reinforces leadership position
New hire beefs up IMAX China
Region is most lucrative for giant screen player
CGV makes Mega play in Vietnam
Korean exhibitor becomes top cinema chain in developing nation
Sunny shines again
Korean drama reclaims top spot from Panda
CJ puts in blockbuster IMAX order
By Patrick Frater
Thu, 08 November 2012, 21:20 PM (HKT)
South Korean cinema exhibition group CJ-CGV has placed an order for 15 new IMAX theatres to be installed in its new multiplexes in China.
The agreement is for theatres which share their revenues between the operator and the Canadian giant screen group. And it brings to 65 the commitment by CJ CGV to a total of up to 65 theatres in South Korea and China.
Significantly, and unlike most other IMAX announcements in Asia, the city locations for the new screens were not unveiled. Now were the dates of deployment announced.
The new screens will be controlled by CJ CGV Holdings, a wholly-owned subsidiary of CJ CGV that is incorporated under the laws of Hong Kong.
"We're delighted to expand our IMAX commitment and leverage this competitive advantage to support our aggressive expansion plans throughout China," said the CEO of CJ-CGV, Seo Jung.
CGV and its Primus subsidiary currently operate 726 screens at 91 sites throughout South Korea. The company opened its first Chinese multiplex in Shanghai in 2006 and now has 8 in China.
"We're pleased to build on our relationship with CJ CGV — a top-notch exhibitor that is helping to bring more IMAX theatres into untapped regions in China," said CHEN Jiande, CEO of IMAX China (Hong Kong) Limited.