In December 2008, Cineplex Entertainment dipped its toes in digital cinema by installing nine Christie DLP cinema projectors at a new 12-screen multiplex in Oakville, Ontario.
Now Cineplex Entertainment, looking to banish bulky film reels, has turned to Christie Digital Systems and Doremi Cinema to provide digital projectors and other digital cinema equipment to convert more than 900 screens by the end of 2012.
Kitchener, Ontario-based Christie is to provide over 900 of its digital projectors to be installed in Cineplex cinema locations countrywide, in addition to around 450 Christie digital projectors already up and running across the Cineplex circuit.
“As long-term business partners, we are proud to be a part of Cineplex Entertainment’s growth and impressive reputation,” Dave Muscat, senior director of Canadian sales at Christie, said in a statement.
To fund its digital transition, Cineplex announced yesterday its partnership with rival Empire Theatres to raise $115 million to convert a combined 1600 screens countrywide to digital projection as part of their Canadian Digital Cinema Partnership.
Like Cineplex, Empire said its digital rollout will take place over 18 months.
The Bank of Nova Scotia was the lead arranger on the $115 million fundraising, with Blackstone acting as adviser for the joint venture.
In all, $80 million in bank financing was raised, with another $35 million coming from Cineplex and Empire.
The Canadian digital transition is key to the future of the domestic exhibitors as cinema-goers increasingly pay premium ticket prices to see 3D films and other digital attractions at the local multiplex.