IMAX Corporation, owner of the large format film theater chain, hasannounced the closing of its strategic investment in Vancouver,Canada-based Mainframe Entertainment Inc., a producer of CGI animation.Under the terms of the agreement, IMAX invested CDN$8 million to acquire a19% equity stake in Mainframe and CDN$8 million to acquire convertiblesenior debt which, if converted, could bring IMAX's ownership up to 30% ofMainframe. Simultaneously, Mainframe announced that two leading Canadian
Tagged With: Mainframe
Imax Corp. has agreed to make a strategic investment in Vancouver-based Mainframe Entertainment, producers of the 3D computer-animated REBOOT and BEAST WARS. The company will invest CAN$16 million (U.S.$10.6 million) into Mainframe to acquire an equity and convertible senior debt, giving Imax an approximate 30% stake in the company. As part of the deal, Imax and Mainframe will co-produce 3D animated films for release in IMAX theaters and other markets. Their first collaboration, GULLIVER'S TRAVELS, is expected to be released to IMAX theaters by summer 2001.