A group of the biggest Hollywood studios said Wednesday that they will invest more than $1 billion to upgrade 20,000 North American movie theaters to digital projector systems.
According to Reuters, Disney, Paramount Pictures, Twentieth Century Fox, Universal Pictures, and Lions Gate Entertainment have reached a pact with investors, including Blackstone Group and JPMorgan Chase. The work would begin in 2009 and could take as much as 3 and 1/2 years to complete.
For some time, the studios have wanted to embark on the upgrade project, Reuters wrote, but have been unable to nail down the financing. But … Read more