Imax Might Sell Out, Disney Style
On Thursday, July 13, 2000, Imax Corporation announced that the company has brought in financial advisors Goldman, Sachs & Co. and Wasserstein, Perella & Co. to help maximize revenues for the company, which could include the sale or merger of the company. Imax co-CEOs Richard L. Gelfond and Bradley J. Wechsler said, "Imax has made tremendous strides in the last few years on several strategic initiatives including establishing the IMAX theatre network as a release window for Hollywood films and securing a role in the digital future of entertainment. We believe that the future for Imax can be even brighter and that significant opportunities lie ahead. Our priority is to maximize Imax's long-term business potential for the benefit of its shareholders, employees, customers and the viewing public and we believe that this may be best accomplished by aligning ourselves with a larger entity. Our decision is also consistent with the desire of Wasserstein Perella, our largest and one of our original shareholders, for additional liquidity in connection with its investment in the company. While there can be no assurance that any potential transaction that may arise will be more attractive than the company's current path, we believe that it is in the company's and its shareholders' best interests to undertake this effort." Rumor has it that Disney is top suitor. Imax Corporation and its subsidiaries comprise one of the world's leading entertainment technology companies, with particular emphasis on film and digital imaging technologies including giant-screen images, 3D presentations, digital post-production and digital projection.