Related media – News 24 hours
Terms of the deal were not disclosed. Sony bought Alamo from Altamont Capital Partners and Fortress Investment Group, as well as the chain’s founder, Tim League. Mr League said the cinema chain was “more than thrilled” with the deal.
This comes at a time of financial difficulty for the Alamo and the film industry as a whole. Many of Alamo’s franchised locations filed for bankruptcy and closed this month, making Sony’s move a potential lifeline for the struggling chain. Alamo filed for Chapter 11 bankruptcy in 2021 before a private equity firm intervened.
The theaters will continue to operate under the Alamo Drafthouse brand, Sony said, although they will be operated by a newly formed division at Sony led by Michael Kustermann, Alamo’s chief executive.
“Alamo Drafthouse has always held the art of cinema and the theatrical experience in high regard, which are core values shared between our companies,” said Tom Rothman, chief executive officer of Sony Pictures Motion Picture Group.
The industry has faced multiple obstacles in recent years, as the pandemic has caused box office receipts to collapse and, more recently, a dismal start to the summer blockbuster season, while strikes in Hollywood have dented the number of films churned out by studios.
You may also be interested in – Featured Contributors
