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Business & Technology

Kingsport among sites in IMAX, Frank Theaters revenue sharing deal

June 28th, 2012 4:37 am by PR Newswire

IMAX Corp. and Frank Theatres, a division of the Frank Entertainment Co. announced a revenue sharing agreement Wednesday for 10 IMAX theatres to be installed into existing complexes and new construction projects located throughout the U.S. Today's deal brings to 421 the total number of IMAX theatres open or contracted to open in North America.

Under the terms of the agreement, Frank Theatres will open four IMAX theatres in November in York, Pa.; Southern Pines, N.C.; Delray Beach, Fla.; and Northfield, N.J. Two additional theatres are slated to open May 2013 in Ranson, W. Va. and Kingsport, Tenn. Locations for the remaining four theatres will be determined by the parties at a later date.

"Since 1921, we've been committed to delivering the best available entertainment experience and now, with the addition of IMAX, this long-standing tradition will be raised to a whole new level," said Bruce Frank, President and CEO of Frank Theatres. "As we expand our circuit throughout the U.S., IMAX will serve as the anchor attraction for our new entertainment complexes. With a globally recognized brand, the most immersive movie-going experience available and a slate of the biggest Hollywood event films, we're confident that IMAX will be a hit with our guests, drive increased attendance and help position us for long-term success."

"Today's agreement is our largest signing with a regional exhibitor in the U.S. to date and it also underscores the important role these partners play in bringing IMAX to audiences in underpenetrated U.S. markets," said IMAX CEO Richard L. Gelfond. "We're delighted to join forces with Frank Theatres, a strong regional player that will help us seize the growth opportunities that exist domestically."

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