IMAX Signs Revenue Sharing Deal with ZON
The new systems will be installed in existing theatres in different parts of the country. The first theatre is expected to be opened by the end of 2011. All three locations are expected to open before the end of 2012.
The IMAX theatre system increases program flexibility and also increases the number of movies shown on IMAX screens. The theatre systems can run both IMAX and IMAX (R) 3D presentations.
Richard Gelfond, CEO of IMAX, said: â€œZON Lusomundo Cinemas is the preeminent exhibitor in Portugal with numerous assets and its finger on the pulse of European filmed entertainment. ZON Lusomundo's marketing assets make it an extremely attractive partner for the IMAX brand, which has a strong foundation in Western European markets.
â€œOver the past 12 months our growth strategy has included seeding important markets like Spain, Italy, Germany - and now Portugal. Our partnership with ZON Lusomundo is strategic - not just as a partner for our first entry into Portugal - but supporting our broader growth strategy in Europe, which is a key expansion market for us.â€
Luis Mota, general manager of ZON Lusomundo Cinemas, said: â€œWe have been impressed by the growth and success of IMAX in Europe, and we are thrilled to be bringing the premium, state-of-the-art IMAX Experience to our customers in Portugal.â€
IMAX Corporation is an entertainment and technology company specialized in the creation and delivery of premium, awe-inspiring entertainment experiences. It is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo and Shanghai. There are 528 IMAX theatres operating in 46 countries as of March 31, 2011.
Will the deal commercially benefit the firms?
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