FOR
IMMEDIATE RELEASE
January 5,
2010
DISCOVERY
COMMUNICATIONS, SONY AND IMAX ANNOUNCE PLAN TO LAUNCH FIRST 24/7 DEDICATED 3D
TELEVISION NETWORK IN THE U.S.
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Three-Way Venture to Bring Next-Generation Experience to Home Television Viewers
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Joint Media Call with Discovery, Sony and IMAX CEOs at 3:15 p.m. EST Today; See
Dial-in Details at End of Release --
Las Vegas,
NV – Three of the world’s leading media, technology and entertainment companies
– Discovery Communications, Sony Corporation and IMAX Corporation – today
announced a joint venture to be established to develop the first 24/7 dedicated
3D television network in the U.S. The partnership brings together three leaders
with an extraordinary collection of award-winning 3D content, technology
expertise, television distribution and operational strength to deliver a
high-quality three-dimensional viewing experience to home television
audiences.
“Discovery’s
business strategy has always focused on delivering groundbreaking content
through new platforms, including the first suite of digital channels launched in
1996 and the first 24/7 basic cable HD channel in 2002,” said Discovery Founder
and Chairman John Hendricks. “Now, as Discovery celebrates its 25th
anniversary in 2010 as the world leader in satisfying curiosity and bringing
audiences the most realistic viewing experience, we continue to change the face
of television with the launch of the first-ever 24/7 dedicated 3D television
network.”
“Sony is
the only company with expertise in every part of the 3D value chain,” said Sir
Howard Stringer, Chairman, CEO and President, Sony Corporation. “We are
delighted to be partnering with Discovery and IMAX, two premier companies also
dedicated to leadership in 3D, in this groundbreaking new venture. It is
clear to us that consumers will always migrate to a better and richer
entertainment experience, and together we are determined to be the leader in
providing that around the world.”
“By
partnering with Sony and IMAX on 3D, Discovery will lead the way in
revolutionizing the next-generation home viewing experience in the U.S. and
around the world,” said Discovery Communications President and CEO David
Zaslav. “Today’s announcement is the next step in fulfilling
Discovery’s mission of providing groundbreaking content for our affiliate
partners and enlightening viewers with the most immersive and realistic viewing
experience available anywhere.”
“IMAX has
been a pioneer and recognized leader in 3D technology for more than twenty-five
years, delivering the premium in-theatre experience to audiences around the
world. We’re reaching more and more consumers with the recent expansion of the
IMAX®
theatre network and the growth of 3D movie content," said IMAX CEO Richard L.
Gelfond. “This new business venture is the first step in our strategic effort to
take 3D into the home and extend the IMAX brand. We’ve already had strong
collaborations with Discovery Communications and Sony in the past on IMAX event
film titles, and we are thrilled to work with such strong partners to be the
first to make in-home 3D a reality.”
Discovery,
Sony, through its U.S. affiliate, Sony Corporation of America, and IMAX each
will be equal partners in the joint venture. It will be launched in
the U.S., with a goal of driving consumer adoption of 3D televisions and giving
the network long-term leadership in the 3D home marketplace. In the
future, the companies also will explore international distribution opportunities
in selected markets.
The new 3D
network will feature high-quality premium content from genres that are most
appealing in 3D, including natural history, space, exploration, adventure,
engineering, science and technology, motion pictures and children’s programming
from Discovery, Sony Pictures Entertainment, IMAX and other third-party
providers.
Discovery
will provide network services, including affiliate sales and technical support
functions, as well as 3D television rights to Discovery content and
cross-promotion across its portfolio of 13 U.S. television
networks. Sony will provide advertising/sponsorship sales support,
and will seek to license television rights to current and future 3D feature
films, music-related 3D content and game-related 3D content, while providing
cross-promotion at retail stores. IMAX also will license
television rights to future 3D films, promotion through its owned-and-operated
movie theaters across the U.S., and a suite of proprietary and patented image
enhancement and 3D technologies.
Governance
for the joint venture will be handled by a board of directors comprised of
members from each of the three companies, with the day-to-day operations run by
a separate staff and management team that will report to the board. A
search for the venture’s general manager will begin immediately.
The
parties have signed a non-binding Letter of Intent. Specific
financial terms of the venture were not disclosed. The parties will
work towards prompt execution of definitive agreements, subject to any necessary
regulatory approvals.
Conference
Call Details
Discovery
Founder and Chairman John Hendricks, Discovery President and CEO David Zaslav,
Sony Corporation Chairman, CEO and President Sir Howard Stringer and IMAX CEO
Richard L. Gelfond will hold a joint media call to discuss the venture at 3:15
p.m. EST today. To access the conference call, in the U.S. dial
1-888-396-2298, or outside of the U.S. dial 1-617-847-8708, and use the
following passcode: 30218918.
About
Discovery Communications
Discovery
Communications (Nasdaq: DISCA, DISCB, DISCK) is the world’s number one
nonfiction media company reaching more than 1.5 billion cumulative subscribers
in 170 countries. Discovery empowers people to explore their world
and satisfy their curiosity through 100-plus worldwide networks, led by
Discovery Channel, TLC, Animal Planet, Science Channel, Planet Green,
Investigation Discovery and HD Theater, as well as leading consumer and
educational products and services, and a diversified portfolio of digital media
services including HowStuffWorks.com. For
more information, please visit www.discoverycommunications.com.
About
Sony Corporation of America
Sony
Corporation of America, based in New York, NY, is a U.S. subsidiary of Sony
Corporation, headquartered in Tokyo. Sony is a leading manufacturer of audio,
video, communications, and information technology products for the consumer and
professional markets. Its motion picture, television, computer entertainment,
music and online businesses make Sony one of the most comprehensive
entertainment companies in the world. Sony's principal U.S. businesses include
Sony Electronics Inc., Sony Pictures Entertainment Inc., Sony Computer
Entertainment America Inc., and Sony Music Entertainment, one of the largest
recorded music companies in the world. Sony recorded consolidated annual sales
of approximately $78.9 billion for the fiscal year ended March 31, 2009, and it
employs 171,300 people worldwide.
About
IMAX Corporation
IMAX
Corporation (NASDAQ: IMAX; TSX: IMX) is one of the world’s leading entertainment
technology companies, specializing in immersive motion picture technologies. The
worldwide IMAX network is among the most important and successful theatrical
distribution platforms for major event Hollywood films around the globe, with
IMAX®
theatres delivering the world’s best cinematic presentations using proprietary
IMAX, IMAX 3D, and IMAX DMR®
technology. IMAX DMR is the Company’s groundbreaking digital re-mastering
technology that allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality of The IMAX
Experience. The IMAX brand is recognized throughout the world for extraordinary
and immersive entertainment experiences for consumers. As of September 30, 2009,
there were 403 IMAX®
theatres (280 commercial, 123 institutional) operating in 44
countries.
NEWS MEDIA
CONTACTS:
For
Discovery: Michelle
Russo, 240-662-2901, michelle_russo@discovery.com
For
Sony: Sandra
Genelius, 212-833-6975, sandra_genelius@sonyusa.com
For
IMAX:
Sarah Gormley, 212-821-0155 or 917-603-0813, sgormley@imax.com
This
press release contains certain forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and uncertainties.
These statements are based on information available to each party as of the date
hereof, and each party's actual results could differ materially from those
stated or implied, due to risks and uncertainties associated with its business,
which include the risk factors disclosed in their respective Annual Report on
Form 10-K/20-F filed with the SEC. Forward-looking statements include statements
regarding each party's expectations, beliefs, intentions or strategies regarding
the future, and can be identified by forward-looking words such as "will,"
"anticipate," "believe," "could," "continue," "estimate," "expect," "intend,"
"may," "should," "will" and "would" or similar words. Each party expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any change in the
such party's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
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