Cinemark Holdings to Significantly Expand Digital and 3D Installations Following DCIP Funding
Cinemark Holdings, Inc. , the second largest motion picture exhibitor in the world in terms of both attendance and the number of screens in operation, today announced the completion of the Digital Cinema Implementation Partners, LLC (“DCIP”) financing transactions, which are expected to cover the cost of conversion for a large portion of the Company’s U.S. screens. DCIP is a non-consolidated investment of Cinemark.
“With the funding of DCIP now a reality, we are excited about accelerating Cinemark’s digital projector installations. Our immediate focus will be on 3D deployments throughout our circuit expanding our worldwide 3D footprint from approximately 400 screens currently to between 1,100 and 1,300 screens by year end. Following the 3D roll-out, we will begin the full digital conversion of these theatres,” stated Cinemark Chief Executive Officer Alan Stock.
