Sony Pictures Acquires Texas-Based Alamo Drafthouse Cinema in Landmark Deal
Sony Pictures Acquires Alamo Drafthouse Cinema Amid North Texas Theater Closures
In a surprising turn of events, Sony Pictures announced on Wednesday that it has acquired Texas-based Alamo Drafthouse Cinema in a groundbreaking deal that marks the studio’s reentry into the movie theater ownership business.
The acquisition comes on the heels of the closure of all five Alamo Drafthouse locations in North Texas, as the local franchise partner that operated the theaters filed for Chapter 7 bankruptcy. This news left many moviegoers in the area wondering about the fate of their beloved theaters.
Known for its unique restaurant-in-theater experience, themed parties, and menu items, Alamo Drafthouse has locations across Texas in cities like Austin, Houston, and San Antonio. Despite the recent closures in North Texas, a company spokesperson expressed hope for a return of Alamo Drafthouse to the DFW area, stating, “We are working as quickly as possible to get Alamo Drafthouse Cinema back up and running in these cities.”
Under the new ownership, Alamo Drafthouse’s CEO, Michael Kustermann, will continue to lead the chain and head Sony Pictures Experiences. The acquisition includes all 35 Alamo Drafthouse locations across 25 metro cities, as well as the company’s popular Fantastic Fest genre film festival.
Sony Pictures Entertainment President and COO Ravi Ahuja expressed excitement about the acquisition, stating, “Alamo Drafthouse’s differentiated movie-going experience, admired brand, and devoted community fit well with our vision of engaging entertainment fans outside the home in fun and distinctive ways.”
The acquisition of Alamo Drafthouse was made from previous owners Altamont Capital Partners, Fortress Investment Group, and Founder Tim League. Kustermann shared his enthusiasm for the partnership with Sony Pictures, saying, “We were created by film lovers for film lovers. We know how important this is to Sony, and it serves as further evidence of their commitment to the theatrical experience.”
Alamo Drafthouse, founded in 1997 by Tim and Karrie League, started as a single-screen repertory theater in Austin and has since grown to become a beloved chain with a strong focus on the craft of filmmaking and the theatrical experience.
As moviegoers eagerly await the reopening of Alamo Drafthouse theaters in North Texas and beyond, the acquisition by Sony Pictures promises exciting new opportunities for both employees and audiences alike. For more information, visit Sony Pictures’ website.
