Walt Disney is reportedly pitching its own premium movie-theater format to rival Hollywood studios, in an effort to expand its reach beyond the company's own blockbusters.

Disney officially introduced Infinity Vision in April. It's a certification program for premium large-format theaters that meet certain standards for screen size, picture quality, and sound.

Now, the company has been approaching competing studios such as Paramount Pictures and Universal Pictures about the new format, according to a Bloomberg report citing people familiar with the matter who requested anonymity.

Disney did not immediately respond to Barron's request for confirmation.

IMAX shares, which had gained as much as 4.2% earlier Thursday, reversed sharply following the report, falling from an intraday high of $53.61 to as low as $48.24. The stock later recovered some of those losses and was down 0.2%, at $51.31, at Thursday's close. Disney shares gained about 2.2%.

Unlike IMAX, which has its own projection systems and camera technology, Infinity Vision primarily certifies existing premium theaters, which could allow Disney to expand its reach without investing heavily in new theater equipment.

Infinity Vision could give Disney more control over how its biggest films reach audiences. If other studios embrace the program, it could become an industrywide brand, although Disney hasn't disclosed whether it intends to generate licensing or other revenue from the initiative.

A competing format could pose a threat to IMAX, the leading provider of premium large-format movie experiences, weakening its bargaining power with studios and theater operators. Still, IMAX has advantage in its established network, filmmaker relationships, and proprietary technology.

Both companies have recently delivered solid results.

In the latest quarter, IMAX reported 12% revenue growth from a year ago, while adjusted per-share earnings jumped 65%. The company expects a record $1.4 billion in global box-office receipts at IMAX theaters this year, supported by a strong slate of blockbusters as well as continued expansion of its global theater network.

Disney's revenue rose 7% in the latest quarter and adjusted earnings jumped 28%, supported by growth in theme parks and streaming. Its movie business, however, delivered mixed results: Toy Story 5 surpassed $1 billion at the global box office, but the company warned that weaker-than-expected performance of Moana would weigh on fourth-quarter results.

It remains uncertain whether Disney can persuade other studios to embrace a format controlled by a competitor. Without their participation, Infinity Vision would remain primarily a marketing tool for Disney's own blockbusters rather than a serious challenger to IMAX.