IMAX Suitors and Why Netflix Put Fincher in Theaters

Why It Matters

A sale or strategic partnership could redefine premium‑format economics, giving studios or investors new leverage over theatrical distribution and influencing the post‑pandemic movie landscape.

Key Takeaways

• IMAX explores sale amid booming premium-format ticket share
• Netflix tests theatrical strategy by releasing Fincher sequel in IMAX
• Potential buyers include private equity, exhibitors, and major studios
• IMAX’s licensing model avoids heavy real‑estate costs, appealing investors
• Growth in Gen Z theater attendance fuels interest in premium formats

Summary

The episode examines IMAX’s unexpected decision to explore a sale while Netflix experiments with a theatrical release of David Fincher’s sequel to "Once Upon a Time in Hollywood" in IMAX venues. The discussion frames the move as a response to the premium‑large‑format market’s recent surge and the strategic positioning of streaming giants.

IMAX, a technology licensor rather than a theater owner, controls about 1,700 screens worldwide, including 800 in China. Premium‑large‑format screenings now represent 16% of U.S. ticket sales, up from 13% in 2021, pushing IMAX’s share price to $42 in February before settling near $39. Valued at roughly $2 billion, the company presents an attractive, low‑debt acquisition target for private‑equity firms, exhibitors, or major studios.

Lucas Shaw of Bloomberg highlights industry perspectives: studios like Disney or AMC face structural hurdles owning IMAX’s tech, while Netflix’s recent IMAX release signals a tentative bet on theatrical prestige. Notable quotes include Shaw’s observation that “the pipeline is finally back to normal” and data showing Gen Z audiences still favor theater visits, especially for premium formats.

If a buyer emerges—whether a PE fund, an exhibitor, or a studio—it could reshape revenue streams, alter licensing dynamics, and influence how streaming services leverage theatrical windows. The outcome will affect investors, theater chains, and the broader debate over the future of premium cinema experiences.

Original Description

(00:00) Matt is joined by Bloomberg’s Lucas Shaw to discuss who might buy IMAX after news broke last week that it is exploring a sale, and they get into the details behind how IMAX works as a business. They also discuss Netflix putting David Fincher’s new movie, ‘The Adventures of Cliff Booth,’ in theaters with an exclusive two-week run in IMAX and whether this is just another Netflix movie theater stunt or perhaps something more meaningful (02:27). Matt finishes the show with a prediction about the box office performance for the breakout horror phenomenon ‘Obsession’ (26:07).

Host: Matt Belloni

Guest: Lucas Shaw

Producers: Craig Horlbeck and Matt Pevic

Theme Song: Devon Renaldo

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