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IMAX and Shanghai Film Group to Launch 19 Cinemas
July 24, 2014
Tags: IMAX, CMC
Following on recent news that China Media Capital (CMC) and private-equity firm FountainVest Partners took a 20% stake in IMAX’s China business, IMAX has announced that it will launch 19 new cinemas in China together with the Shanghai Film Group.
IMAX has also announced plans to build an additional 240 plus screens in China over the coming years in addition to the 170 it already has. By comparison, IMAX owns 340 screens in the US. The move comes prior to a planned listing of its China business in either Shanghai or Hong Kong.
Press reports have IMAX’s China revenue at US$56 million in 2013 compared to US$136 million from the US. However, US revenues declined 6.5% last year.
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