MISSISSAUGA, Ontario, Oct. 29 (UPI) -- Canadian entertainment innovator IMAX said Tuesday it would team up with a Chinese television manufacturer to create home entertainment systems.
IMAX said it had formed a joint venture with TCL Multimedia Technology Holdings Limited and it was aiming to create "a best-in-class home entertainment experience" that would be ready for select markets in 2015.
"As one of the fastest-growing and most innovative players in the global entertainment technology marketplace, with a strong expertise in display and manufacturing, TCL is an ideal partner to help us change the way people around the world experience their favorite content in the home environment," IMAX Chief Executive Officer Richard Gelfond said in a statement.
"We wanted to stake out an entirely new position in the premium home theater market," TCL Chairman Li Dongsheng said. "There is no company better-equipped and more knowledgeable than IMAX to deliver that premium experience."
The companies said they had formed a 50-50 joint venture that would have operations in Hong Kong and mainland China. The venture will be run by a board made up of representatives from both companies that is led by IMAX Chief Business Development Officer Robert Lister.