Imax Spending $124 Million to Buy Full Control of China Subsidiary
variety.comBrent Lang Executive Editor Imax announced Wednesday that it plans to spend $124 million to get full ownership of Imax China.
The subsidiary was listed on the Hong Kong exchange and was established in 2011 by Imax to oversee its business in Greater China, which has become a key market for the exhibition company.
Imax creates wide-screen technology that enables theater owners to charge premium prices — it is also a favorite with big-budget filmmakers such as Christopher Nolan and Michael Bay, who use the company’s proprietary cameras to produce their movies.
Since COVID, Hollywood films have struggled to attract the same level of business as they did pre-pandemic, but local-language titles such as “The Wandering Earth 2” and “Lost in the Stars” have been huge hits when they have screened in Imax.
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