May 21 (Reuters) - Cinema operator IMAX IMAX.N is exploring a sale and has approached entertainment companies as potential buyers, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

• The process is at an early stage and may not lead to a deal, according to the report.

• IMAX declined to respond to a Reuters request for comment.

• IMAX is an "incredibly valuable player, either as a wholly differentiated, publicly-traded company or as part of a larger company," CEO Rich Gelfond had said during its investor day in December.

• For the fist quarter ended March 31, the cinema chain operator reported a 6% drop in revenue to $81.4 million, but beat analyst expectations of $80.28 million, according to data compiled by LSEG.

• IMAX's domestic box office market share rose to a record 5.2% last year, up from 4.5% in 2024, while its global market increased to 3.8% from 3.1%.