Moviegoers watch the movie “Ne Zha 2” at an Imax GT Cinema on in Guiyang, China, Feb. 23, 2025.
China Information Service | China Information Service | Getty Photographs
In December, Imax CEO Wealthy Gelfond opened the door to a sale. Nearly 9 months later, the corporate’s inventory has hit an all-time excessive, its field workplace is breaking information and the stage is about to hold its momentum by means of the top of 2026.
But, no main suitors have appeared.
Imax held preliminary talks with potential consumers earlier this 12 months, however as of Could hadn’t fielded any official pitches, CNBC reported on the time. Imax hasn’t employed new bankers and does not have a formalized pitch e-book, in accordance with an individual accustomed to the corporate, who spoke on the situation of anonymity to debate confidential issues.
However it’s a busy time for dealmaking within the media house. Paramount Skydance is within the midst of a contested merger with Warner Bros. Discovery price $110 billion, Fox agreed to amass Roku in a deal price $22 billion, and Comcast continues its company restructuring with the upcoming spinoff of NBCUniversal, which many within the business say will give each ensuing firms extra flexibility to do offers.
With an almost $3 billion market cap, Imax is a comparatively cheap asset within the leisure panorama. And it has been on a sizzling streak within the wake of the pandemic as moviegoers have traded up for higher-priced premium giant format cinema experiences.
The corporate’s momentum has been additional fueled by robust field workplace gross sales from movies like Common and Christopher Nolan’s “The Odyssey.” Over the weekend, international Imax ticket gross sales for the movie surpassed $400 million, the primary movie to exceed the benchmark within the firm’s historical past. This haul represents practically 30% of whole international gross sales for “The Odyssey” — even if Imax screens symbolize lower than 1% of film screens worldwide.
After which there’s the robust pre-sales for the December launch of Warner Bros. and Denis Villeneuve’s “Dune: Half Three,” which has already offered out specialised screenings into January.
Wall Avenue analysts foresee Imax setting a brand new international field workplace document in 2026, sizzling off the heels of the document $1.28 billion the corporate posted final 12 months. Imax’s 2025 ticket gross sales have been greater than 40% larger than 2024 and 13% larger than its earlier document, set in 2019.
“The model worth of Imax has by no means been larger,” Eric Handler, managing director and senior analysis analyst at Roth, advised CNBC. “They’ve carried out a extremely good job of situating themselves proper within the middle of the eco-structure for Hollywood. So, it has been a masterful, long-time-coming scenario.”
Contributing to the momentum is Imax’s premium ticket costs, which, regardless of being larger than for different screenings, haven’t deterred audiences.
To this point in 2026, the common grownup Imax ticket value $20.57 within the U.S., in accordance with information from EntTelligence. That is greater than 60% larger than the common customary ticket, at $12.75 every, and practically 18% larger than rival premium giant format choices, which common round $17.46 apiece.
The corporate’s slate of “filmed for Imax” content material can also be accelerating and anticipated to develop materially by means of 2028. It is diversifying past the Hollywood panorama with partnerships in China, Japan and South Korea to display local-language content material.
The corporate can also be actively increasing. Round 160 to 175 Imax programs are anticipated to be put in in 2026, with contracts to construct lots of extra already in place, the corporate advised CNBC final 12 months.
The outcome, then, is much less a query of what is on the market and extra a query of who would purchase.
The TCL Chinese language Theatre throughout opening weekend for “The Odyssey” in Imax in Hollywood, California, July 18, 2026.
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Probably the most — and least — probably suitors
Handler famous {that a} potential purchaser would wish to steadiness studio relationships and cinema partnerships, as Imax has for years. The corporate installs its particular format screens in present theaters and negotiates launch home windows for top-billed movies.
Main studios, together with Disney, Common, Paramount and Warner Bros., would have a direct battle of curiosity in the event that they acquired Imax, Wall Avenue analysts advised CNBC.
Imax is “studio agnostic, and they also cost each studio the identical,” stated Eric Wold, government director of fairness analysis at Texas Capital Securities. “If some studio have been to buy them, I believe the opposite studios would at all times really feel that they are type of second in line for the important thing launch slots within the holidays and summer season, and so it might not be acquired effectively.”
Even within the state of affairs the place a deal of that nature handed muster with Hollywood and regulators, a single studio could be hard-pressed to fill a 52-week theatrical calendar with solely its personal movies. Premium giant format, or PLF, is meant for blockbuster function movies, which moviegoers are prepared to pay the next worth to attend. A smaller-budget movie with much less spectacle may not draw the identical crowds for a similar worth on that type of display.
To not point out, few studios have bought cinemas even after the Division of Justice rescinded the 1948 Paramount Consent Decrees, which beforehand disallowed studios from proudly owning movie show chains. These restrictions formally sundown in 2022, however to this point solely Sony has carried out a significant deal for cinemas, buying all 35 Alamo Drafthouse areas in 2024.
Past film studios, analysts have highlighted potential suitors in leisure and tech: for instance, Netflix, Apple, Amazon or Sony.
Netflix lengthy vowed to construct development moderately than purchase it, however extra not too long ago it is gotten a style for M&A. The corporate entered into an settlement with Warner Bros. Discovery to purchase its studio and streaming companies earlier than being outbid by Paramount Skydance.
Its foray into dealmaking has led many in media to marvel if Netflix might be on the hunt for one more alternative.
The streamer does not depend on theatrical releases as a part of its principal programing technique, subsequently its battle of curiosity if it have been to amass Imax could be smaller than for conventional Hollywood studios. Moreover, proudly owning Imax would supply any filmmaker that signed on to work with Netflix the chance for premium theatrical runs.
In fact, Netflix traditionally has had restricted curiosity within the conventional theatrical mannequin. Whereas the corporate does launch some movies in cinemas, it is usually carried out so for brief runs or for eligibility for Academy Awards rivalry.
As for Apple, Amazon and Sony, all three firms have robust know-how companies along with theatrical and streaming content material, which can align properly with Imax’s tech-heavy enterprise. Whereas Sony doesn’t have its personal streaming platform, it companions with Netflix to distribute new content material. In the meantime, Apple has AppleTV and Amazon has Amazon Prime.
Taking up a cinema tech agency like Imax may provide every firm a brand new avenue for distribution.
There’s additionally the chance that Imax may draw curiosity from an organization or investor that wishes to purchase into Hollywood and the broader leisure universe. Imax has a world presence and connections to most main studios in addition to cinema companions worldwide.
Analysts additionally famous {that a} personal fairness purchaser would eradicate any potential battle issues and might be most to journey the inventory’s momentum.
Imax Corp. CEO Richard Gelfond attends the New York premiere of ‘A Lovely Planet’ at AMC Loews Lincoln Sq. in New York, April 16, 2016.
Jamie McCarthy | Getty Photographs
‘Completely tremendous as a standalone firm’
Shares of Imax hit an all-time excessive this week of $54.79. The inventory is up virtually 80% up to now 12 months.
That surge might be among the many causes it is nonetheless going it alone, in accordance with Alicia Reese, senior vp of fairness analysis at Wedbush.
“It is much more costly than it has been for a very long time,” Reese stated.
When Gelfond first floated the thought of a sale final 12 months, the inventory was buying and selling at round $36 per share and had a market cap of about $1.95 billion. The worth tag is now a billion {dollars} larger.
“Perhaps these tech firms or doubtlessly [private equity] who had thought-about it or had been kicking the tires would wait a short time and see what occurs to the share worth,” Reese stated. “There’s a big chance that it is simply going to proceed to achieve share and achieve international development and stay at these elevated valuation ranges for a while, as the expansion is not prone to reverse.”
A number of Wall Avenue analysts see additional inventory development on the horizon, with worth targets from some companies as excessive as $65 a share. On Monday, Drew Crum of B. Riley Securities raised his worth goal on the inventory to $61, up from $52.
“Taken collectively, we proceed to forecast document financials in 2026, with share features, larger margins, and wholesome money circulate technology, as mirrored in our above-consensus estimates,” he wrote.
Potential suitors would additionally naturally be taking a look at what the longer term holds for the leisure enterprise at giant. The North American field workplace remains to be chasing the pre-pandemic ranges of 2019, and regardless of a blockbuster summer season, ticket gross sales are nonetheless lagging.
Wedbush’s Reese famous that Imax is grouped in with the theatrical exhibition house, which is historically a slow-growth, dividend-paying enterprise. Most of these firms will probably get again to paying these dividends as soon as they will maintain “some very low single-digit development,” she stated.
And since Imax just isn’t actively searching for a sale, merely entertaining provides, its executives can afford to be choosey.
“I believe the principle level is that Imax is completely tremendous as a standalone firm,” Reese stated. “And they also’re not determined in any means, form or kind. So, they don’t seem to be going to go for simply any bid. They need a bid that is a pleasant premium to the place the shares are presently buying and selling. And so it would be laborious to come back to a deal, I believe, proper now.”