– Sony Pictures Entertainment has acquired U.S. movie theater chain Alamo Drafthouse Cinemas, the companies announced Wednesday, giving the company control over film distribution.
The chain will operate under Sony Pictures Experience, a new division of SPE, and will be led by Alamo Drafthouse’s Michael Kusterman, who will continue as the company’s chief executive officer.
The companies did not disclose financial terms of the transaction.
Alamo, founded in 1997, will continue to operate all 35 cinemas in 25 metropolitan areas under the Alamo Drafthouse brand, the companies said in a statement.
According to the companies, the chain attracts more than 10 million customers a year and has 4 million loyalty members as its core customer base.
The studio behind popular franchises such as “Resident Evil,” “Spider-Man” and “Bad Boys” acquired Austin, Texas-based Alamo Drafthouse from owners Altamont Capital Partners, Fortress Investment Group and founder Tim League, the companies added.
“They have a deep respect and understanding of the power of film to spur growth and create lasting cultural impact, which aligns perfectly with what we stand for at Alamo Drafthouse,” said Tim League.
Variety reported that the Alamo filed for Chapter 11 bankruptcy protection in March 2021 after the pandemic hit its theater business due to stay-at-home orders, and emerged from bankruptcy less than four months later.
Sony Pictures Entertainment and private equity firm Apollo Global Management have previously expressed interest in buying Paramount Global.
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