IMAX to expand China theaters to 360

IMAX Corporation and IMAX China Holding Inc announced the largest ever deal for IMAX theaters on Tuesday. Under its terms, the company is set to build an additional 150 IMAX theaters with Wanda Cinema Line Co Ltd in the next six years.

The deal is expected to expand Wanda Cinema's footprint of IMAX theaters by more than 70 percent, from 160 to 360, with the majority opening over the next three years and the full rollout to be concluded by 2022.

"This is a landmark development in IMAX's history and a strategic linchpin in our growth strategy, particularly as we've seen over time that signings lead to higher box office and ultimately more revenue," said Richard L. Gelfond, CEO of IMAX.