IMAX is exploring sale, WSJ reports
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People wait for movie screening at an IMAX theatre inside the Wanda Plaza in Xinxiang, Henan province, China March 23, 2018. REUTERS/Stella Qiu
May 21 (Reuters) - Cinema operator IMAX is exploring a sale and has approached entertainment companies as potential buyers, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
• The process is at an early stage and may not lead to a deal, according to the report.
• IMAX declined to respond to a Reuters request for comment.
• IMAX is an "incredibly valuable player, either as a wholly differentiated, publicly-traded company or as part of a larger company," CEO Rich Gelfond had said during its investor day in December.
• For the fist quarter ended March 31, the cinema chain operator reported a 6% drop in revenue to $81.4 million, but beat analyst expectations of $80.28 million, according to data compiled by LSEG.
• IMAX's domestic box office market share rose to a record 5.2% last year, up from 4.5% in 2024, while its global market increased to 3.8% from 3.1%.
(Reporting by Sahil Pandey in Bengaluru and Juby Babu in Mexico City; Editing by Diti Pujara)
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