New York
CNN
—
Sony Photos Leisure has purchased dine-in movie show chain Alamo Drafthouse, the businesses introduced Wednesday.
Alamo Drafthouse, headquartered in Austin, Texas, has 35 theaters in 25 metro areas. It rose to reputation and has a passionate fanbase because of its dine-in and cocktail menus and its repute as an oasis for movie buffs with its strict no-talking guidelines.
However regardless of being a fan favourite, it was hit laborious by the Covid-19 pandemic. It filed for bankruptcy in March 2021 and began closing locations. Enterprise started rebounding and final 12 months it noticed a 30% soar in field workplace income from the 12 months earlier than.
Sony mentioned in a press launch that the movie show chain might be managed underneath a brand new division, Sony Photos Experiences. Alamo Drathouse’s CEO Michael Kustermann will stay in his place, however will now report back to Ravi Ahuja, President and COO of SPE.
Whereas different Hollywood studios have jumped into streaming, Sony Photos CEO and chairman Tom Rothman has expressed his commitment to movie theaters, in keeping with varied commerce publications together with The Hollywood Reporter. Sony Photos touted its different areas within the press launch, comparable to Wonderverse, an immersive leisure area, in Chicago and a Wheel of Fortune LIVE! touring tour.
“The deal reinforces SPE’s long-held dedication to theatrical exhibition and continued initiatives in experiential leisure,” the press launch mentioned.
Sony acquired Alamo from house owners Altamont Capital Companions, Fortress Funding Group and founder Tim League.
Additionally included within the acquisition was Alamo Drafthouse’s movie pageant, Incredible Fest, which focuses on totally different style movies from horror to science fiction.