WASU content for IMAX-TCL Premium Home TheatreWednesday, April 16th, 2014
IMAX And China’s WASU Group Announce Content Delivery Agreement For IMAX-TCL Premium Home Theatre
- Company to License and Distribute Top Hollywood, Chinese Digital Content for IMAX-TCL Premium Home Theatre Systems
BEIJING — IMAX Corporation (NYSE: IMAX; TSX: IMX) and TCL Multimedia Technology Holdings Ltd. today announced a joint-venture partnership with Wasu Digital TV Media Group (WASU) as part of their IMAX TCL home theatre initiative. As one of China’s largest digital content providers and one of five operators approved by the state to deliver multimedia content to the home, WASU will license and distribute IMAX-enhanced Hollywood and Chinese current theatrical and other content to the IMAX-TCL premium home theatre system.
The deal builds on the 2013 joint venture agreement between IMAX and TCL to design, develop and manufacture a premium, fully integrated home theatre system that is expected to launch in China and select other global markets in 2015. Today’s agreement is a significant milestone in the IMAX-TCL initiative that will enable the delivery of a wide array of premium, wholly differentiated IMAX content in the home.
“Following our joint venture with TCL and our investment in Prima Cinemas’ secure content transmission technology, today’s content alliance marks the next logical step in the development of our premium home theatre offering in China,” said IMAX CEO Richard L. Gelfond. “As a pioneer in digital content transmission and the navigation of the regulatory environment in China with extensive experience and knowledge of the local business landscape, WASU is the ideal content distribution and operation partner and enables a complete end-to-end premium home theatre experience for consumers in China.”
“As TCL is transforming itself towards becoming a customer-centered entertainment technology provider, we are committed to bringing world-class movie experiences to households by working with IMAX and the Hollywood studios,” said Tomson Dongsheng Li, Chairman and CEO of TCL Corp. “The addition of our long-time partner WASU to this venture will provide us valuable distribution resources and market channels as well as access to high-quality local content.”
“With the world’s largest Internet population, entertainment consumption in China is undergoing a dramatic transformation. We are committed to supporting innovations that reflect the new digital media realities that are currently underway,” commented Qiang Cao, chairman of WASU Digital TV Media Group. “The merging of TCL Multimedia and IMAX’s ground-breaking entertainment technology in a home theatre environment is a powerful collaboration. We are proud to be a part of this offering which we believe will set a new standard of excellence in China’s premium home theatre market.”
“Today’s agreement, along with the recent investment in our China business by CMC Capital Partners and FountainVest Partners, is consistent with our long-term strategy in the country,” concluded Gelfond. “We are committed to aligning ourselves with strategic Chinese partners to better address consumer and market needs in order to strengthen our business interests in China and those of our shareholders.”