Entertainment
Sony Pictures Entertainment Acquires Alamo Drafthouse Cinema | News
In a major development in the U.S. exhibition landscape, Sony Pictures Entertainment (SPE) has acquired Alamo Drafthouse Cinema for an undisclosed amount.
The news follows reports in the spring that the operator was considering a sale and would see SPE manage the 35-person dine-in theater chain under a newly created division, Sony Pictures Experiences.
Alamo Drafthouses' Michael Kustermann will remain CEO of the channel and become head of Sony Pictures Experiences, reporting to Ravi Ahuja, president and COO of SPE.
Alamo Drafthouse will continue to operate all of its theaters in 25 metro areas under the Alamo Drafthouse brand, as well as Fantastic Fest, which is included in the deal.
The company's headquarters will remain in Austin, Texas. Alamo will maintain continued support with 15 franchisees. Earlier this week, it emerged that five locations in North Texas and one in Minnesota were closing.
It is understood that Tim League will remain an advisor. League and Karrie League founded Alamo Drafthouse as a single-screen venue in 1997 and grew it into a circuit known for its vibrant fan-focused culture and ban on talking and texting during screenings.
In 2021, amid the pandemic, the company sold its assets to Altamont Capital Partners, Fortress Investment Group, League and other investors and emerged from Chapter 11 bankruptcy proceedings as other operators filed. were forced to close their doors.
According to the parties Wednesday morning, Alamo Drafthouse has become the seventh largest movie theater chain in North America, releases more films each year than any other circuit, welcomes more than 10 million moviegoers each year and has four million loyal members . Last year, box office revenues jumped 30% compared to 2022.
Ahuja noted that SPE's Crunchyroll business was aligned with Alamo's audience and said the channel would continue to welcome content from all studios and distributors.
Tom Rothman, Chairman and CEO of Sony Pictures Motion Picture Group, said: Alamo Drafthouse has always held the craft of filmmaking and the theatrical experience in high regard, which are core values shared between our companies.
SPE acquired Alamo Drafthouse from Altamont Capital Partners, Fortress Investment Group and League. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Alamo Drafthouse in connection with the transaction.
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