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NEW YORK - IMAX Corp., which makes large-screen movie systems, said Thursday it has agreed to a joint venture with Australian movie theater operator Hoyts Cinemas Ltd. to install four IMAX theaters in the cities of Perth, Melbourne and Sydney.
| IMAX | 7.07 |  -0.09 |
Financial terms were not disclosed, but IMAX and Hoyts will share in the cost and profitability of the new theaters.
The deal doubles IMAX's footprint in Australia. It is also the company's first international joint venture featuring the new IMAX digital theater system. Hoyts Chief Executive Delfin Fernandez noted that the system "eliminates the need for film prints, which significantly lowers operating costs and enables us to offer our customers a wider range of IMAX content."
Three of the openings are scheduled for December. The fourth theater will be installed in Melbourne in 2009.
IMAX shares gained 12 cents to $6.73 in afternoon trading.
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