Shares of Imax Corp. (IMAX, Financials) rose 3.13% to $23.09, and Netflix Inc. (NFLX, Financials) gained 2.15% to $860.50 as of 3:45 p.m. EST on Wednesday following Netflix's announcement of a theatrical release for Greta Gerwig's adaptation of The Chronicles of Narnia. The information comes from a report by Variety.

According to a Variety source, Netflix intends to premiere its version of C.S. Lewis's The Chronicles of Narnia exclusively in Imax cinemas for two weeks beginning Thanksgiving Day 2026 before releasing it on its streaming site at Christmas. As of Wednesday afternoon trade, the revelation caused Imax Corp. shares to gain 3.13% and Netflix shares to rise 2.15%.According to Variety's story, the choice represents a rare occasion of Netflix giving a theatrical release first priority over direct-to--streaming availability. Although Netflix has only had a few past theatrical releases, this is in line with its larger approach of developing a franchise around The Chronicles of Narnia, which has sold over 115 million copies in 57 languages.Under Greta Gerwig's direction, the adaptation fits well Netflix's strategy for creating movies and shows based on C.S. Lewis's book series. Gerwig's participation aligns with her previous Barbie and Little Women projects, as reported in Variety. Months of discussions resulted in an arrangement for Imax's exclusive distribution, according to Variety.According to Variety, Netflix first revealed in 2018 its plans for a Narnia series.