Media

IMAX Stock Gets Boost From Extended Warner Bros. Deal

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Imax Corp
Time Warner Inc. (NYSE: TWX) and IMAX Corp. (NASDAQ: IMAX) have agreed to extend through 2020 a partnership that is more than 10 years old already. Under the extension, Time Warner’s Warner Bros. Pictures will release up to 30 films from the studio’s coming productions.

According to the press release, IMAX will be included in a number of so-called tentpole releases, like “The Man from U.N.C.L.E.,” “In the Heart of the Sea,” “Batman v. Superman: Dawn of Justice” and others. The deal also includes future LEGO movies.

“The LEGO Movie” grossed a startling $257.8 million in the United States last year and another $211 million worldwide. The sequel to that film currently has a release date of May 26, 2017, according to Box Office Mojo.

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An IMAX executive said:

With this multi-picture deal, IMAX and Warner Bros. continue a lengthy and substantial partnership, which is invested in bringing the highest-quality entertainment to the most awe-inspiring cinematic experience. But at its core, this deal enriches and broadens IMAX’s relationship with key filmmakers, who have always been a top priority for Warner Bros. in bringing the most compelling cinema to audiences around the world.

Not to be out-gusted, a Warner Bros. executive said:

IMAX provides an immersive moviegoing experience that is unparalleled. We have an exciting and extremely diverse slate and look forward to giving audiences the opportunity to see a variety of films on the largest possible canvas.

IMAX stock has gained 27% over the past 12 months and traded up about 1.1% in the early afternoon on Monday to $36.38, within pennies of the top of its 52-week range of $24.01 to $36.50. The consensus price target on the shares is about $38.50.

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