Cinemark To Add 20 New ScreenX Theatres In Expanded Deal With CJ 4DPlex

Cinemark (CNK) announced on Wednesday that it’s planning to add 20 new ScreenX theatres to its portfolio, expanding its partnership with South Korea-based CJ 4DPlex.

“That’s been a big goal for us, to get as many theaters open for the last part of the year for ‘Wicked: For Good’ and, of course, ‘Avatar: Fire and Ash,’ which is such a seminal movie for all of the industry,” Don Savant, CEO of CJ 4DPlex Americas, told CNBC in an interview.

This marks the company’s first footstep in Latin America with ScreenX. Out of the 20 screens, 18 will be built in the U.S. 

Cinemark’s stock edged 0.6% in midday trade. On Stocktwits, retail sentiment around the company improved to ‘bullish’ from ‘neutral’ a day ago.

Cinemark and CJ 4DPlex launched a six-theater pilot program in 2022, but expansion was delayed due to the twin Hollywood strikes that disrupted production and film releases, Savant said.

“They just needed to see a consistent flow of content,” he told CNBC.

Savant added that the company is focused on “differentiating cinema” and providing audiences with experiences they can’t get from streaming offerings or in-home entertainment systems.

Cinemark’s investment in expanding its ScreenX theaters reflects the broader industry trend of enhancing large-screen, premium cinematic experiences post-COVID. 

Cinemark’s stock has fallen 11% this year but gained more than 20% over the past 12 months. 

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