In support of its institutional theatre network, IMAX Corporation (NYSE: IMAX, TSX: IMX) announced Wednesday the creation of the IMAX Original Film Fund (Fund) to co-finance a portfolio of 10 original large-format films.
The Fund, which will be capitalized at up to $50 million, will finance an ongoing supply of educational documentaries that push the envelope of traditional documentary filmmaking for a new generation of moviegoers.
The initial investment in the Fund was committed to by the Knights of Columbus in the amount of $25 million, with the possibility of continuing beyond that level.
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Since 1882, the Knights of Columbus has supported a diverse range of charitable and educational initiatives in addition to offering top-rated life insurance, annuity and long-term care programs that have helped protect members and their families.
The Knights of Columbus‘ investment in the IMAX Original Film Fund is not only expected to support these programs, but is also aligned with the family-friendly content that these educational programs provide.
Through the Fund, IMAX will be able to provide new digital content to its institutional partners in the form of educational documentaries that employ innovative filmmaking techniques and embrace fresh new perspectives in documentary storytelling.
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The company, which will contribute $9 million over five years, anticipates the IMAX Original Film Fund will be self-perpetuating, with a portion of box office proceeds reinvested into the Fund to generate a continuous, steady flow of high-quality documentary content.
“From the development of technology for our upcoming laser projection system to the financing and production of digital content through the IMAX Original Film Fund, we remain firmly committed to the success of our institutional partners,” said Robert D. Lister, chief business development officer, IMAX Corp.
The Fund will be managed by Patrician Capital Management. The Fund transaction was handled by MESA, a boutique investment bank specializing in media and entertainment.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2014, there were 840 IMAX theatres (707 commercial multiplexes, 18 commercial destinations and 115 institutions) in 57 countries.
Photo courtesy: IMAX
