Entertainment
Sony Pictures buys Alamo Drafthouse theater chain
Interior of an Alamo Drafthouse movie theater.
Alamo Drafthouse
For the first time in more than 75 years, a major Hollywood studio will own a movie theater chain.
Sony Photos has acquired Alamo Drafthouse, the seventh largest movie theater chain in North America, the company announced Wednesday. The movie theater company was purchased from owners Altamont Capital Partners, Fortress Investment Group and founder Tim League.
Between 1948 and 2020, film distributors were prohibited from owning an exhibition company under what were known as Supreme Consent Decrees. While studios were allowed to own individual movie theaters, Disney owns the El Capitan Theater and Netflix owns the EgyptianTheatre and the Paris Theater in New York, for example, the US Department of Justice denied ownership of a cinema chain.
These decrees were abolished in 2020. Now, around four years later, Sony is the first to invest in a theater company.
Michael Kustermann, CEO of Alamo Drafthouse, will remain at the helm of the dine-in theater chain and report to Ravi Ahuja, president and CEO of the new Sony Pictures Experiences division.
The company's 35 theaters will continue to be operated by Alamo Drafthouse and its headquarters will remain in Austin, Texas.
“We look forward to building on the innovations that have made Alamo Drafthouse successful, and of course, we will continue to welcome content from all studios and distributors,” Ahuja said in a statement.
The acquisition comes after Alamo Drafthouse filed for Chapter 11 bankruptcy in 2021 due to disruptions related to the Covid-19 pandemic. It was rescued by a private equity firm. However, last week, five North Texas locations closed their doors after a franchisee filed for bankruptcy.
“We are thrilled to make history with Sony Pictures Entertainment and to have found the perfect home and partner for Alamo Drafthouse Cinema,” said Kustermann. “We were created by movie fans for movie fans. We know how important this is to Sony, and this is further proof of their commitment to the cinema experience. Together, we will continue to innovate and deliver new opportunities exciting to our teammates and moviegoers alike.”
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