A view shows the logo for the Paris 2024 Olympic and Paralympic Games, in Paris, France, March 19, 2024.
Benoit Tessier | Reuters
Many of the world's greatest athletes will make their big screen debut IMAX Theaters this summer.
nbc It announced Friday that its live coverage of the opening ceremony of the 2024 Paris Olympics scheduled for 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 not to be held in the stadium. Instead, organizers will send the Olympic athletes down the Seine on a four-mile-long fleet of about 100 boats through famous sites in Paris.
Ticket prices for the IMAX showings were not immediately available.
“We look forward to bringing coverage of the Opening Ceremony to fans at IMAX locations across the country, sharing this historic moment as the world comes together to witness the incredible start of 16 days of sporting greatness against the backdrop of one of the most beautiful cities in the world,” said Gary Zinkel, President of the NB Olympics. C, in a statement:
Live programming follows the successful run of Warner Bros. and Legendary Entertainment's “Dune: Part Two” at IMAX locations. IMAX recorded global box office receipts of $103 million for the film, representing about 20% of the film's worldwide gross while accounting for less than 1% of screens, according to a recent report from Eric Wold, an analyst at B. Riley. .
Limited-time specials like coverage of the Summer Olympics can drive moviegoers to IMAX. Once they get there, trailers and ads for other movies or special events can lure them back. IMAX tickets also carry a premium price that is higher than a traditional movie theater ticket.
IMAX stock is up about 6% year to date, last trading at just under $16 per share. However, most analysts believe that the stock is undervalued. Wold's price target is $25 per share, slightly above analysts' average of $21.60, according to FactSet.
The current price “doesn't give IMAX any credit” for the fact that box office is expected to be flat compared to 2023, while the rest of the industry is expected to decline, Wold said. He also said that IMAX is “the only company in this universe” that is expected to post adjusted earnings in 2025 that exceed 2019 levels.
“We think it's worth a raise,” he said.
The opening ceremony will also be shown on NBC and Peacock.
PROGRAMMING NOTE: IMAX CEO Richard Gelfond will be on CNBC's “Power Lunch” at 2 p.m. ET on Friday.
Disclosure: NBCUniversal, parent company of CNBC, owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder for all summer and winter games through 2032.
