Los Angeles - Five of Hollywood's major movie studios on Wednesday pledged to support a $1 billion effort to equip 20,000 U.S. movie theater screens with digital cinema projection systems. Digital Cinema Implementation Partners (DCIP), a joint venture that represents theater owners AMC Entertainment, Cinemark and Regal Cinemas signed the pact with Disney (NYSE: DIS), Fox (NYSE: NWS), Lionsgate, Paramount (NYSE: VIA) and Universal (NYSE: GE), which calls for the studios to pay a "virtual print" fee of about $1,000 per screen to help offset costs, the Associated Press reported.

Burbank, Calif. - Hollywood movie studios Warner Bros. and Universal Pictures announced on Tuesday that they have partnered with a number of theater owners on a joint venture that will deploy a digital cinema delivery system.