Will be Funded Up to $50 Million for Developing Blockbuster-Style, Mandarin-Language Films From High-Profile Filmmakers
SHANGHAI, June 16, 2015 /PRNewswire/ -- Continuing to expand its footprint in the Chinese market, IMAX Corporation (NYSE: IMAX) today announced the creation of the IMAX China Film Fund with its subsidiary IMAX China and partner China Media Capital ("CMC"), to help fund a minimum of 10 tentpole films in Mandarin. The China Film Fund, which will be capitalized at up to $50 million initially, will target productions that can leverage the IMAX® brand, relationships, technology and release windows, with the flexibility to produce IMAX and non-IMAX content, and develop original films or co-finance studio productions. Led by its founding Chairman, Ruigang Li, CMC, China's prominent media and entertainment focused investment fund, acquired a 10% interest in IMAX's China subsidiary in 2014.
The intent of the China Film Fund is to leverage favorable current trends in the Chinese market, strengthening the IMAX brand and capitalizing on relationships across studio, exhibitor and local distribution partners, as well as content creators. The Fund also is meant to support an existing slate of successful Chinese IMAX® DMR product including such past titles as The Monkey King and Dragon Blade, and leverage CMC's experience within China's content-creation industry.
"For more than a decade, IMAX has strived to be and continues to work toward being a part of the Chinese entertainment ecosystem," said IMAX CEO Richard L. Gelfond from Shanghai, where he delivered a keynote address at the Shanghai International Film Festival. "This fund is the next step in that evolution as it allows us to join with our good partner CMC and work closely with the country's top filmmakers to bring to Chinese audiences and to export to international audiences top-quality Mandarin content."
"CMC has witnessed, and been part of, the exciting development of China's film industry through this most dynamic time with a series of strategic investments," said CMC Chairman Ruigang Li. "We are determined to continue this effort, and we believe that by teaming up with our partners such as IMAX, which has world-class industry leading technology and an extensive global network, we will be able to create a technology-driven force that is unique and immensely helpful to China films' realizing their full potential in the global market."
"IMAX is committed to continuing our growth in China and meeting the rising demand of Chinese audiences for premium content," added Jiande Chen, CEO, IMAX China. "Coupled with the significant expansion of the IMAX® theatre network in China, totaling more than 205 IMAX screens to date, the establishment of this IMAX China Film Fund points directly to our pledge to help grow the Chinese film market."
Through the Fund, IMAX China and CMC will be able to provide new digital content to theatres throughout China, as well as to select theatres in IMAX's global network. The Fund will target contributions of between $3 million and $7 million per film, and will operate under an IMAX-CMC greenlight committee. The Fund is also in discussions with additional investors.
About IMAX China
IMAX China is a majority-owned subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX Corporation is headquartered in Toronto with executive offices in New York and Los Angeles, and offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2015, there were 943 IMAX theatres (820 commercial multiplexes, 18 commercial destinations and 105 institutions) in 63 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
About China Media Capital(CMC)
China Media Capital ("CMC"), founded and chaired by Ruigang Li, is China's prominent investment platform dedicated to media & entertainment, Internet & mobile, and lifestyle. CMC has created and supported the growth of a wide range of industry leaders in key sub-sectors across content, service and platform, including film, television, music, sports, live entertainment, online game, ticketing, advertising, e-commerce, financial media and online education. CMC's portfolio include Star China, IMAX China, Oriental DreamWorks, TVB, Caixin, Charm, SECA, OCJ, Secoo, Ourgame , KKTV, Gewara, Broadway Global Ventures, and Dream Center, among others.
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.