NEW YORK, Feb. 1, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced a distribution and marketing partnership, which provides Discovery Communications' (NASDAQ: DISCA, DISCB, DISCK) flagship network Discovery Channel with 18 months of exclusive paid global television rights for up to 10 IMAX documentary films to be released through the IMAX Original Film Fund (Fund), following the titles' theatrical release across the IMAX institutional theatre network. The alliance marks IMAX's first television distribution agreement for original content.
Under the partnership agreement, Discovery Channel will air IMAX documentaries worldwide following their theatrical IMAX release, and consult on development, production and marketing. The IMAX Original Film Fund was established in 2014 to deliver new educational documentaries for the Company's institutional partners, which include many of the world's most prestigious museums, science centers and aquariums. The Fund will finance an ongoing supply of educational documentaries that push the envelope of traditional documentary filmmaking for a new generation of moviegoers.
"As content is created and consumed across multiple platforms we continue to innovate and look for new ways to maximize the reach of our original films. We are delighted to partner with Discovery to help us achieve this goal," said IMAX CEO Richard L Gelfond. "From content creation and capture to distribution and presentation, IMAX is a diversified company involved in every aspect of the entertainment ecosystem. As today's agreement shows, we will continue to invest in all parts of our business to drive long-term, sustainable growth and bring IMAX to more and more consumers worldwide."
"Discovery is dedicated to nourishing our global audiences with the most compelling and highest-quality content on the planet," said David Zaslav, President & CEO, Discovery Communications. "IMAX is a terrific company and partner, and we are proud to come together to ensure these important documentary films are given, through Discovery's unmatched global distribution platform, the expanded viewership they deserve."
"Both IMAX and Discovery have reinvested in our legacy business of producing family-focused entertainment - a responsibility that we both hold near and dear to our hearts," said Greg Foster, Senior Executive Vice President of IMAX Corp. and CEO of IMAX Entertainment. "This partnership is the coming together of two pioneering brands in the documentary space to deliver a new breed of IMAX original content to billions of viewers across Discovery's global networks following the initial exclusive IMAX theatrical release."
"This partnership signifies the importance that Discovery is placing on documentary filmmaking that spurs action. Working with IMAX, we can provide audiences multiple global platforms to experience these important stories," stated Rich Ross, Group President, Discovery Channel, Animal Planet, and Science Channel. "We are thrilled to be in business with IMAX to bring socially important films to the world."
About Discovery Communications
Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) is the world's #1 pay-TV programmer reaching 3 billion cumulative subscribers in more than 220 countries and territories. For 30 years Discovery has been satisfying curiosity and entertaining viewers with high-quality content through its global brands, led by Discovery Channel, TLC, Animal Planet, Investigation Discovery, Science and Turbo/Velocity, as well as U.S. joint venture network OWN: Oprah Winfrey Network, and through the Discovery Digital Networks portfolio, including TestTube, Seeker and SourceFed. Discovery owns Eurosport, the leading pan-regional sports entertainment destination across Europe and Asia-Pacific. Discovery also is a leading provider of educational products and services to schools, including an award-winning series of K-12 digital textbooks, through Discovery Education. For more information, please visit www.discoverycommunications.com.
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 is headquartered in New York, Toronto and Los Angeles, with offices inLondon, Tokyo, Shanghai and Beijing. As of September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® 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).
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.