Paramount Pictures Announces Direct-to-Exhibitors Digital Cinema Deal
HOLLYWOOD, Calif., Jan. 22 -- Paramount Pictures, a unit of
Viacom Inc. (NYSE: VIA and VIA.B), today announced it has become the first
studio to offer digital cinema support directly to exhibitors across the
United States and Canada. The move is expected to accelerate the roll-out of
digital and 3-D projection systems in theatres. The announcement was made by
Jim Tharp, President of Domestic Theatrical Distribution.
The deal works in parallel with previously announced agreements with DCIP
(Digital Cinema Implementation Partners), Cinedigm, Kodak, and Sony but allows
exhibitors to seek financing for d-cinema systems locally rather than wait for
comprehensive integrator agreements, which require significantly more upfront
capital, to be completed. In addition, the agreement allows exhibitors to own
and control their equipment (which is required to be DCI/SMPTE compliant), and
to switch to an integrator-supported agreement at a later date if desired.
The new agreement also includes independent theatres that do not belong to any
integrator groups.
In making the announcement, Tharp said, "We are excited about the
potential of more theatres offering more of Paramount's films in the highest
quality digital and 3-D. Today's announcement is a good step forward to
providing more audiences with the very best in movie viewing."
NATO President and CEO John Fithian said, "Paramount is getting out front
on this critical industry transition and we applaud them. Direct arrangements
between distributors and exhibitors won't work for everyone, but for some of
our members, it could make the difference in surviving and thriving in the
digital era. And it certainly enables some exhibitors to get wired much
faster -- and that means more 3-D screens sooner. We urge all studios to give
this creative option a fair chance."
To date, Paramount has signed nine digital cinema integration deals, the
most of any major studio. They include domestic agreements with Cinedigm
(previously Access IT) Phase 1 and Phase 2, Kodak, Sony, and DCIP, three deals
with European integrators XDC, Arts Alliance Media and Ymagis, and two deals
with Asian integrators DCK and GDC. So far, more than 3,500 screens have been
converted to digital under Cinedigm's Phase 1 plan.
About Paramount Pictures Corporation
Paramount Pictures Corporation (PPC), a global producer and distributor of
filmed entertainment, is a unit of Viacom (NYSE: VIA, VIA.B), a leading
content company with prominent and respected film, television and digital
entertainment brands. The company's labels include Paramount Pictures,
Paramount Vantage, Paramount Classics, MTV Films and Nickelodeon Movies. PPC
operations also include Paramount Digital Entertainment, Paramount Famous
Productions, Paramount Home Entertainment, Paramount Pictures International,
Paramount Licensing Inc., Paramount Studio Group, and Worldwide Television
Distribution.
SOURCE Paramount Pictures
CONTACT:
Patti Rockenwagner of Paramount, +1-323-956-5011
Patricia_Rockenwagner@paramount.com