Deal To Lower Price of IMAX Film Prints21 Feb, 2002 By: Hive News
IMAX Corp. and Technicolor have cut a deal that will reduce the cost IMAX theater operators have to pay for film prints from IMAX, traditionally a significant part of IMAX theatre operating cost.
This move should improve financial returns for IMAX theatre owners and is another important part of the company's strategy. In addition, filmmakers using DKP/70MM Inc.'s post-production services will benefit from these newly negotiated IMAX rates.
"Improving financial returns for our customers in the IMAX theatre network is one of our top priorities and as such, we're pleased to be able to provide theatres with these significant savings," said IMAX co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We believe that this agreement with Technicolor will have a positive impact on a theatre's bottom line and on the industry as a whole. Our relationship with Technicolor's affiliate CFI spans many years and we're happy to continue our association with them."
As part of the deal, Technicolor, through its wholly owned subsidiary Consolidated Film Industries (CFI) will provide IMAX with a full suite of film laboratory services that will reduce the cost for IMAX film prints.
For more than 75 years CFI has offered integrated film laboratory services to motion picture image makers and has received 13 Academy Awards for technical achievement. CFI caters to studios and the independent film community offering 16mm, 35mm, and 65mm film developing; 35mm and 70mm printing and restoration; digital film recording; telecine and digital imaging. CFI is the world's leader in large format 65/70mm film processing.
"We are pleased with our strategic partnership with IMAX and continue to be extremely optimistic about the future growth of this powerful film format," said Walter Schonfeld, president of Technicolor Content Services. The opportunities for CFI and Technicolor to provide industry-leading services are greatly enhanced by this new agreement with IMAX."