Entertainment
Sony buys Alamo Drafthouse. Does this bring back the old Hollywood studio?
Sony Pictures Entertainment this week acquired Alamo Drafthouse Cinemas, bringing vertical integration back to Hollywood, after the Justice Department overturned a decades-old ban barring studios from controlling film exhibition.
We are thrilled to make history with Sony Pictures Entertainment and to have found the perfect home and partner for Alamo Drafthouse Cinema,” Michael Kustermann, CEO of the theater chain, said in a statement. statement. 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 theatrical experience.
It follows months of efforts by the theater chain to find a buyer, as cinemas struggle to attract audiences in a post-lockdown landscape. Under the new ownership agreement, Alamo Drafthouse Theaters will fall under a newly created division, Sony Pictures Experiences.
This won't be the first time a major Hollywood studio has owned movie theaters, but it is one of the first cases in several decades, following smaller projects such as the launch of Amazon Culver Theater in Culver City, California, and Netflix's deals to buy Hollywood Egyptian theater and the fences Bay Theater.
For decades, the DOJ enforced a standard known as the Supreme Decree that prevented film production companies from also controlling the showing of films. This regulation is derived from the 1948 Supreme Court case. United States v. Paramount Pictures, Incin which the DOJ sued eight major movie studios for antitrust violations.
The move is often seen as the beginning of the end of the traditional Hollywood studio system, giving rise to both theaters and independent film studios. The Paramount decrees were allowed to expire in 2020, on the grounds that it was unlikely the remaining defendants would be able to reinstate their cartel.
However, before the 2020 decision, regulations had been easing for decades. Sony Pictures even owned and operated the now-defunct Lowes Theater chain in the 1990s. The film production company placed an increasing emphasis on live programming and theatrical experiences, even as Hollywood has invested heavily in streaming.
“We strongly believe in engaging entertainment fans outside of the home in fun and distinctive ways,” Sony Pictures Chairman Ravi Ahuja said in a press release.
Alamo Drafthouses' differentiated moviegoing experience, admired brand and dedicated community align well with this vision, Ahuja said. Alamo will still welcome content from all studios and distributors, the executive added.
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