plan to raise more than $1 billion to fund the conversion of up to 20,000 U.S. cinema screens to digital projection systems, in a deal to be announced on Wednesday, the
reports on its Web site.
Blackstone and JPMorgan are arranging the financing for a consortium made up of the three largest U.S. cinema chains, which has done a deal with five Hollywood studios,
reports, citing a person familiar with the situation.
, Paramount Pictures, a unit of
, 20th Century Fox, a unit of
Universal Pictures in signing up to the consortium's plan,
The Digital Cinema Implementation Partners consortium is made up of
. The consortium has been in talks with the studios for several months over how to structure the costly conversion to digital cinema.
This article was written by a staff member of TheStreet.com.