Imax publicly entertains a sale with no formal process underway
Imax Chief Executive Rich Gelfond opened the door to a potential sale in December, but the company has not hired new bankers, has not produced a formal pitch book and, as of May, had not received any official offers, according to a person familiar with the matter. The executive's public openness to a deal has not been matched by a structured sale process, leaving the company in a posture where it can entertain bids without actively soliciting them.
Record-breaking box office has lifted the share price and the asking price
The reluctance of buyers has coincided with a historic run at the global box office. Imax's 2025 ticket sales were more than 40% higher than 2024 and 13% higher than its previous record set in 2019, reaching $1.28 billion, and Wall Street analysts project a new global box office record in 2026. Over the weekend, global Imax ticket sales for Universal and Christopher Nolan's "The Odyssey" surpassed $400 million, the first film to cross that threshold in the company's history and nearly 30% of the film's total global sales, even though Imax screens account for less than 1% of movie screens worldwide.
Premium pricing and pipeline strengthen the standalone case
The average adult Imax ticket in the United States cost $20.57 so far in 2026, more than 60% higher than the $12.75 average standard ticket and roughly 18% higher than rival premium large format offerings averaging $17.46, according to data from EntTelligence. Pre-sales for Warner Bros. and Denis Villeneuve's "Dune: Part Three," scheduled for December, have already sold out specialized Imax screenings into January, and the company's "filmed for Imax" slate is expected to grow materially through 2028, including local-language partnerships in China, Japan and South Korea. Around 160 to 175 Imax systems are expected to be installed in 2026, with contracts in place for hundreds more.
Why studios, theaters and private equity each face obstacles
Major studios including Disney, Universal, Paramount and Warner Bros. would face an immediate conflict of interest if they acquired Imax because of its studio-agnostic release-window model, analysts told CNBC. Texas Capital Securities executive director of equity research Eric Wold said competing studios would worry about being "second in line for the key release slots" if a rival acquired the format. A studio acquirer would also struggle to fill a 52-week theatrical calendar with only its own films suited to premium large format screens. Private equity remains a possible, conflict-free buyer, though the current share price, more than $1 billion higher than when Gelfond first floated a sale last year, makes a transaction harder to justify.
Industry context frames the calculus for any buyer
The broader North American box office is still chasing pre-pandemic 2019 levels, and despite a blockbuster summer, ticket sales continue to lag, according to Wedbush senior vice president of equity research Alicia Reese. Imax is grouped with the theatrical exhibition sector, which historically operates as a slow-growth, dividend-paying business. Imax itself has not been actively seeking a sale but only entertaining proposals, leaving its executives free to demand a premium to current trading levels rather than accept any available bid.
What to watch next
Investors and competitors will look to the December release of "Dune: Part Three" and full-year 2026 global Imax ticket sales as the next measurable milestones that could either rekindle takeover interest or reinforce Imax's standalone trajectory.
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