New York Stock Exchange-listed IMAX Corporation and Chinese consumer electronics company TCL Corporation says the two parties have established a joint-venture partnership with Chinese digital TV and new media firm Wasu Digital TV Media Group to cooperate on content delivery and other areas, according to a company announcement.
The partnership is part of IMAX TCL home theatre initiative, a joint venture agreement signed in 2013 between IMAX and TCL to develop a fully integrated home theatre system.
The home theatre system is expected to launch in China and certain other global markets in 2015.
Wasu is one of China’s largest digital content providers. It is also one of five operators approved by China to deliver multimedia content to consumers’ homes.
Under the newly signed three-party partnership, Wasu will license and distribute IMAX-enhanced Hollywood and Chinese current theatrical and other content to the IMAX-TCL home theatre system.
"With the world’s largest Internet population, entertainment consumption in China is undergoing a dramatic transformation," says Qiang Cao, chairman of WASU Digital TV Media Group.
Earlier this month, an investment firm owned by Alibaba Group’s founder Jack Ma and co-founder Simon Xie, as well as Giant Interactive Group’s agreed to acquire a 20% stake of Wasu for US$1.05 billion.
About the same time, two China-focused private equity firms, CMC Capital Partners and FountainVest Partners, said they plan to acquire a 20% interest in IMAX’s Greater China business for US$80 million.