Regal Entertainment, Imax expand joint venture

twilight_atb_12.jpgMovie theater operator Regal Entertainment Group is investing in more premium, large-screen theaters.

The Knoxville based company has expanded its agreement with Imax Corp. to add another 16 to 25 large-screen theaters around the country, the companies said Friday.

Financial terms were not disclosed.

“Imax theatres deliver an immersive presentation of unparalleled sound and image quality that command a premium price from consumers, and we look forward to bringing that premium experience to more Regal audiences across the country,” Regal CEO Amy Miles said in a press release.

The expansion is part of the companies existing joint venture agreement. Regal previously agreed to operate 39 Imax theaters. The new agreement also extends the length of the joint venture to 10 years from seven.

Regal, the lagest movie theater operator has 34 IMAX theaters, including one in Knoxville at the Pinnacle 18 cineplex in the Turkey Creek development.

Last month, Regal announced that it had started construction on three new Regal Premium Experience, a different large-screen theater format.

Expanding its premium movie theater options is a key part of Regal’s profit strategy. The company has made significant investment in recent years in digital and 3D technology, as well as its large-screen theaters.

Imax press release

Photo: Knoxville News Sentinel/ Regal Pinnacle 18