Company Town : Cap Cities, Imax Join in Venture for Giant-Screen Motion Pictures
Capital Cities/ABC Inc. and Imax Corp. said Monday they have formed a joint venture to make giant-screen motion pictures.
The agreement calls for Imax to distribute the films, which would be jointly financed by the two companies. There are currently 115 Imax theaters in 18 countries. About 35 more are scheduled to open in the next few years.
The venture will focus on topics such as natural history and space exploration, which the companies said have a broader appeal than traditional Imax films on educational and travel-related subjects.
The joint venture will also explore projects related to the ABC television network’s coverage of news and sports and look into videocassette, CD-ROM and multimedia applications.
Toronto-based Imax, founded in 1967, specializes in giant-screen and motion simulator films.
In addition to the ABC-TV network, Cap Cities operates eight television stations, the ABC radio network and 19 radio stations. The New York-based company also produces programming for cable television.
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