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Sony Photos Leisure has acquired Alamo Drafthouse Cinema for an undisclosed quantity, with Alamo becoming a member of the corporate underneath the newly-created Sony Photos Experiences division.
As part of the deal, present Alamo Drafthouse CEO Michael Kustermann will stay in his position and report back to SPE president and COO Ravi Ahuja. For now, present Alamo Drafthouse theaters will proceed to function as regular. Movie pageant Unbelievable Fest was additionally included within the deal.
In a press release, Ahuja reassured that Sony would “proceed to welcome content material from all studios and distributors.”
Sony’s buy was made potential by a 2020 court ruling that repealed the Paramount Consent Decrees, permitting film studios to personal movie show chains for the primary time since 1948. Whereas the unique choice was meant to cease anticonsumer practices that resulted from huge entities proudly owning each the means of manufacturing movies in addition to distributing them, a federal decide dominated that the legal guidelines had been out of contact with the present state of the movie business and studio programs. Sony is the primary firm to benefit from this modification by buying a theater chain. Nevertheless, in 2022, Amazon purchased the closed Arclight Theaters location in Culver Metropolis, California, with plans to revive it as Amazon Theaters.
Alamo Drafthouse was based in 1997 and presently spans 35 theaters throughout 25 cities in North America. It rose to prominence as a result of its pioneering providing of seat-side food and drinks service, together with alcoholic drinks, and touting stringent theater etiquette insurance policies.
Nevertheless, simply final week, six Alamo Drafthouse locations in Texas closed their doors as their franchisee declared chapter. It is unclear what this acquisition will imply for these places.
Rebekah Valentine is a senior reporter for IGN. Bought a narrative tip? Ship it to rvalentine@ign.com.
Blogroll picture by Hutton Supancic through Getty Photographs
