Theaters Close To Receiving Money To Convert To Digital

After years of delay due mostly to the credit crisis, movie studios and theater chains are close to securing about $650 million in financing to convert theaters from film to digital, Reuters reported today (Thursday), citing a source familiar with the matter. The wire service said a deal could be announced as early as Friday between Regal Theaters, AMC, and Cinemark, who formed Digital Cinema Implementation Partners, and an investment group headed by Blackstone Group and JPMorgan Chase. The crux of the arrangement is that theaters who borrow money to install digital projectors, typically at a cost of $70,000 to $100,000, would receive a "virtual print fee" from the studios for each movie screened on the new equipment. In other words, if a studio would have had to pay $1,500 for a print for the theater, it would pay that money to the theater directly until the cost of the digital equipment is recovered.

25/02/2010


Contactmusic
Advertisement

Editors Recommendations

Does Anybody Want a Remake of 'I Know What You Did Last Summer'?

17 years after the original, Sony Pictures is rebooting the horror flick I Know...

Does Anybody Want a Remake of 'I Know What You Did Last Summer'?

Matt Damon and Paul Greengrass to Return for Fifth 'Bourne' Movie

Matt Damon is to return to play Jason Bourne in the fifth movie in the spy-thriller...

Matt Damon and Paul Greengrass to Return for Fifth 'Bourne' Movie

Ben Affleck Can Relate to Batman's Anger Management Issues

Ben Affleck, who will play Batman in Zack Synder's forthcoming Batman...

Ben Affleck Can Relate to Batman's Anger Management Issues

Want to Know How to Remove U2's 'Songs of Innocence' from iTunes?

Apple has launched a tool to help iTunes users remove U2's new album Songs...

Want to Know How to Remove U2's 'Songs of Innocence' from iTunes?

Kiesza - Becoming Kiesza Featurette

Kiesza talks about what inspired her to become a musical artist, as well as her interest in sailing and playing the piano...

Kiesza - Becoming  Featurette Video

Death From Above 1979 - The Physical World Album Review

Ten years ago, Canadian rock duo Death From Above 1979 hit the scene with debut full length...

Death From Above 1979 - The Physical World Album Review

George Clooney is Deserved Recipient of Golden Globes' Lifetime Achievement

George Clooney, the Oscar-winning actor and producer, is to be honoured with...

George Clooney is Deserved Recipient of Golden Globes' Lifetime Achievement

Robin Thicke Lied about Writing 'Blurred Lines', "I Was High and Drunk"

Robin Thicke says he was "high and drunk" during every interview he...

Robin Thicke Lied about Writing 'Blurred Lines',

Can Jennifer Lawrence and Bradley Cooper Recreate Oscar Magic in 'Serena'? [Trailer]

Jennifer Lawrence and Bradley Cooper certainly appear to have a connection...

Can Jennifer Lawrence and Bradley Cooper Recreate Oscar Magic in 'Serena'? [Trailer]
Advertisement

Comments

Newsletter

Subscribe to this news alert service to receive news and reviews on

Unsubscribe | Unsubscribe All