October 1, 2008 / 5:17 PM / 10 years ago

Hollywood studios reach digital cinema upgrade deal

LOS ANGELES (Reuters) - Five Hollywood studios have reached a more than $1 billion financing deal with the Digital Cinema Implementation Partners (DCIP) — formed by Regal Entertainment Group, Cinemark Holdings Inc and AMC Entertainment Inc — to upgrade 20,000 U.S. and Canadian cinema screens to digital technology.

Travis Reid, chief executive officer told Reuters that Blackstone Group LP and JPMorgan Chase & Co will lead the financing for the conversion.

Studios involved in the deal include Walt Disney Co, Viacom’s Paramount Pictures, News Corp’s Twentieth Century Fox, General Electric Co’s Universal Pictures and Lions Gate Entertainment.

Reporting by Sue Zeidler, editing by Maureen Bavdek

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