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Sony Pictures buys Alamo Drafthouse

Sony Pictures buys Alamo Drafthouse
Sony Pictures buys Alamo Drafthouse

 



new York
CNN

Sony Pictures Entertainment has purchased the Alamo Drafthouse theater chain, the companies announced Wednesday.

Alamo Drafthouse, headquartered in Austin, Texas, has 35 theaters in 25 metropolitan areas. It has become popular and has a passionate fan base because of its dinner and cocktail menus and its reputation as an oasis for movie buffs with its strict no-speaking rules.

But despite being a fan favorite, it has been hit hard by the Covid-19 pandemic. It filed for bankruptcy in March 2021 and began closing locations. Business began to rebound and last year box office revenues jumped 30% from the previous year.

Sony said in a press release that the theater chain would be managed by a new division, Sony Pictures Experiences. Michael Kustermann, CEO of Alamo Drathouses, will remain in his position, but will now report to Ravi Ahuja, President and COO of SPE.

As other Hollywood studios have moved into streaming, Sony Pictures CEO and Chairman Tom Rothman has expressed his commitment to cinemas, according to various specialized publications, including The Hollywood Reporter. Sony Pictures touted its other spaces in the release, like Wonderverse, an immersive entertainment space, in Chicago and a Wheel of Fortune LIVE! traveling journey.

The deal reinforces SPE's long-standing commitment to theatrical exploitation and continued experiential entertainment initiatives, the press release said.

Sony acquired Alamo from owners Altamont Capital Partners, Fortress Investment Group and founder Tim League.

The acquisition also included the Alamo Drafthouses film festival, Fantastic Fest, which focuses on different genre films, from horror to science fiction.

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2/ https://www.cnn.com/2024/06/12/media/sony-pictures-buys-alamo-drafthouse/index.html

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