IMAX takes business to a land down under

Mississauga's IMAX Corporation has reached an agreement with Australia's Hoyts Cinemas to install four theatres in the land down under.
IMAX officials said the first three theatres will be built this year in Sydney, Melbourne and Perth to coincide with the Australian launch of Harry Potter and the Half Blood Prince, in December. The fourth will be installed next year in Melbourne.
The deal marks the company's first international joint venture with IMAX's digital theatre systems. Both IMAX and Hoyts will share the costs and profits from running the theatres.
"Entering into a partnership with one of the largest exhibitors in Australia is a fantastic way to initiate our international...business and it adds to the momentum of our overall digital growth strategy," IMAX co-chairs and co-CEOs Richard Gelfond and Bradley Wechsler said in a statement. "Hoyts is a top-notch exhibitor with a commitment to innovation and expansion and we believe this partnership will strengthen our presence in the region."
Once the theatres are installed, it will double IMAX's presence in Australia.
"IMAX is a widely recognized and very successful brand in Australia and we are excited to open these locations in partnership with IMAX to offer our customers the world's most immersive cinema experience," said Hoyts CEO Delfin Fernandez. "IMAX theatres offer a cinematic experience that people can't get at home or in a conventional theatre and this unique offering has proven to drive incremental attendance at the multiplex."
cclay@mississauga.net