Normal business hours resume the day after a fire at Universal Studios in Los Angeles June 2, 2008.
(REUTERS/Phil McCarten)
Universal Pics to back digital cinema upgrade: report
Normal business hours resume the day after a fire at Universal Studios in Los Angeles June 2, 2008.
(REUTERS/Phil McCarten)
September 8, 2008
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(Reuters) - Universal Pictures has agreed to back rollout of digital cinema equipment in U.S. theaters, people familiar with the matter told the Wall Street Journal.
General Electric Co's <GE.N> Universal Pictures' is the third of six studios engaged in year-long talks with the Digital Cinema Implementation Partners (DCIP) -- formed by Regal Entertainment Group <RGC.N>, Cinemark Holdings Inc <CNK.N> and AMC Entertainment Inc, operators of 14,000 screens -- to reach a deal to help finance the theater upgrades.
News Corp's <NWSa.N> Twentieth Century Fox and Viacom Inc's <VIAb.N> Paramount Pictures have already agreed to participate in the digital upgrade.
The DCIP is working toward a $1.1 billion financing deal with Hollywood studios to deploy cinema digital technology.
Universal Pictures is set to throw its support behind the consortium as soon as this week, the paper said citing people close to the situation.
The other studios involved in the talks include Warner Bros, Sony <6758.T> <SNE.N> and Walt Disney Co <DIS.N>.
No one was available at Universal Pictures for comments.
(Reporting by Sweta Singh in Bangalore; Editing by Andrew Callus)
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