Paris 2024 Olympic and Paralympic Games logo on March 19, 2024 in Paris, France.
Benoit Tessier | Reuters
Many of the world’s greatest athletes will make their big screen debuts grand art museum Theater this summer.
nbc announced on Friday that its live coverage of the 2024 Paris Olympics opening ceremony on July 26 will be shown on more than 150 IMAX screens in the United States
The opening ceremony of the Summer Olympics will be the first Olympic Games not held in a stadium.Instead, organizers will Sending Olympians down the Seine The four-mile-long flotilla of nearly 100 ships passes Paris’ iconic sights.
Ticket prices for the IMAX screening were not immediately announced.
“We look forward to providing opening ceremony coverage to audiences in IMAX theaters across the country and sharing this historic moment as the world witnesses the spectacular start of 16 days of great sports against the backdrop of one of America’s most beautiful cities. All over the world,” NBC Olympics president Gary Zenkel said in a statement.
After the live broadcast program is successfully run Warner Bros. and Legendary Entertainment’s “Dune: Part 2” in IMAX theaters. A recent report from B. Riley analyst Eric Wold showed that the IMAX film’s global box office revenue was US$103 million, accounting for approximately 20% of the film’s global box office, but its screen share was less than 1%. .
Special limited-time programming, such as coverage of the Summer Olympics, may draw viewers to IMAX. Once they get there, trailers and ads for other movies or special events may lure them back again. IMAX tickets also cost more than traditional movie tickets.
IMAX shares are up nearly 6% year to date and were last trading just under $16 a share. However, most analysts believe the stock is undervalued. Wald’s price target is $25 per share, slightly above the analysts’ average of $21.60, according to FactSet.
Wald said the current price “doesn’t do IMAX any credit” as its box office is expected to be flat with 2023, while the rest of the industry is expected to decline. He also said that IMAX is “the only company in the world” that expects adjusted profits in 2025 to exceed 2019 levels.
“We believe it’s worth the premium,” he said.
The opening ceremony will also be broadcast on NBC and Peacock.
Program Notes: IMAX CEO Richard Gelfond will appear on CNBC’s “Power Lunch” program at 2 pm ET on Friday.
Revealed: CNBC parent company NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. rights holder for all summer and winter Olympics through 2032.
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