Imax says it's open to a sale. Why is no one buying?

In December, Imax CEO Rich Gelfond opened the door to a sale. Almost nine months later, the company's stock has hit an all-time high, its box office is breaking records and the stage is set to carry its momentum through the end of 2026.

Imax held preliminary talks with potential buyers earlier this year, but as of May hadn't fielded any official pitches, CNBC reported at the time. Imax hasn't hired new bankers and doesn't have a formalized pitch book, according to a person familiar with the company, who spoke on the condition of anonymity to discuss confidential matters.

But it's a busy time for dealmaking in the media space. Paramount Skydance is in the midst of a contested merger with Warner Bros. Discovery worth $110 billion, Fox agreed to acquire Roku in a deal worth $22 billion, and Comcast continues its corporate restructuring with the upcoming spinoff of NBCUniversal, which many in the industry say will give both resulting companies more flexibility to do deals.

With a nearly $3 billion market cap, Imax is a relatively inexpensive asset in the entertainment landscape. And it's been on a hot streak in the wake of the pandemic as moviegoers have traded up for higher-priced premium large format cinema experiences.

The company's momentum has been further fueled by strong box office sales from films like Universal and Christopher Nolan's "The Odyssey." Over the weekend, global Imax ticket sales for the film surpassed $400 million, the first film to exceed the benchmark in the company's history. This haul represents nearly 30% of total global sales for "The Odyssey" — despite the fact that Imax screens represent less than 1% of movie screens worldwide.

And then there's the strong pre-sales for the December release of Warner Bros. and Denis Villeneuve's "Dune: Part Three," which has already sold out specialized screenings into January.

Wall Street analysts foresee Imax setting a new global box office record in 2026, hot off the heels of the record $1.28 billion the company posted last year. Imax's 2025 ticket sales were more than 40% higher than 2024 and 13% higher than its previous record, set in 2019.

"The brand value of Imax has never been higher," Eric Handler, managing director and senior research analyst at Roth, told CNBC. "They have done a really good job of situating themselves right in the center of the eco-structure for Hollywood. So, it's been a masterful, long-time-coming situation."

Contributing to the momentum is Imax's premium ticket prices, which, despite being higher than for other screenings, have not deterred audiences.

So far in 2026, the average adult Imax ticket cost $20.57 in the U.S., according to data from EntTelligence. That's more than 60% higher than the average standard ticket, at $12.75 each, and nearly 18% higher than rival premium large format offerings, which average around $17.46 apiece.

The company's slate of "filmed for Imax" content is also accelerating and expected to grow materially through 2028. It's diversifying beyond the Hollywood landscape with partnerships in China, Japan and South Korea to screen local-language content.

The company is also actively expanding. Around 160 to 175 Imax systems are expected to be installed in 2026, with contracts to build hundreds more already in place, the company told CNBC last year.