A MOVIE network has been saved by a major film company in a historic acquisition.
Sony Pictures Entertainment has acquired Alamo Drafthouse Cinema following the chain’s bankruptcy filing.
“We are excited to make history with Sony Pictures Entertainment and to have found the right home and partner for Alamo Drafthouse Cinema,” Alamo CEO Michael Kustermann announced in a statement to Hollywood reporter.
“We were created by film lovers for film lovers. We know how important this is to Sony and serves as further proof of their commitment to the theatrical experience.
“Together we will continue to innovate and bring exciting new opportunities to our teammates and spectators alike.”
From 1948 to 2020, it was illegal for distributors to own an exhibition company under Paramount Consent Decrees.
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However, with the law now rescinded, Sony is the first studio to acquire a chain of this magnitude.
Tom Rothman, chairman and CEO of Sony Pictures Motion Picture Group also released an upbeat statement amid the news.
“Alamo Drafthouse has always held the craft of filmmaking and the theatrical experience in high esteem, which are core values shared across our companies. I’m excited that our company is doing this.”
“Under the new agreement, Alamo will continue to operate all 35 of its theaters under the Alamo Drafthouse brand.
Fantastic Fest, owned by Alamo Drafthouse, was also added to the acquisition.
“We believe strongly in engaging out-of-home entertainment fans in fun and distinctive ways, as seen most recently with our Wheel of Fortune LIVE! traveling tour and opening Wonderverse in Chicago,” Ahuja said in a statement.
“Alamo Drafthouse’s distinctive movie theater experience, admired brand and dedicated community fit well with this vision.
“Our Crunchyroll business also aligns well with the interests of its audience.
“We look forward to building on the innovations that have made Alamo Drafthouse a success, and of course, we will continue to welcome content from all studios and distributors.”
CURTAIN CALL
Amid this major acquisition, Alamo Drafthouse Cinema announced that it has closed five theaters in the North Texas and one in Minnesota.
Movie night
The Alamo Drafthouse Theater was founded in Austin, Texas in 1997.
The unique theater specializes in pairing food and beer with movies. Spectators can enjoy local beers and signature cocktails served to their seats by a server.
Whenever you need more soda or popcorn, just lift your order card and an employee will take care of it.
The menu offers burgers, pizzas, salads, snacks and desserts made fresh with locally sourced ingredients.
There are locations at:
- Austin
- Boston
- Charlottesville
- Chicago
- Corpus Christi
- DC metropolitan area
- Dallas/Fort Worth area
- Denver
- El Paso
- Houston
- Indianapolis (coming soon)
- Laredo
- Los Angeles
- Lubbock
- New York City
- Northern Virginia
- Northwest Arkansas (coming soon)
- Omaha
- Raleigh
- Saint Anthony
- San Francisco
- Southwest Florida
- Springfield, Missouri
- Saint Louis
- Twin Cities
- Winchester
- Yonkers
The massive shutdown leaves at least 600 workers unemployed.
“We are deeply saddened that we feel it necessary to take this step,” Alamo Drafthouse Cinema said in a statement.
“We are grateful to all of our employees who worked day in and day out to produce a special moviegoing experience and to our many loyal customers for whom it was a pleasure to provide such a special experience.”
locations officially closed at 5 a.m. on June 6, according to a message of the franchise to employees who circulate social media.
The company revealed that it lost more than US$1 million in 2023.
While the movie theater chain has other locations in Texas, it lost its only location in Minnesota.
“We are working as quickly as possible to get Alamo Drafthouse Cinema back up and running in these cities,” the company added.
This story originally appeared on The-sun.com read the full story
