Sony Pictures acquires Alamo Drafthouse Cinema, the dine-in movie theater chain

has acquired the distinctive theater chain Alamo Drafthouse Cinema, the companies said Wednesday. Included in the deal is the genre film festival Fantastic Fest.Alamo Drafthouse was founded in 1997 as a single-screen, family-owned repertory theater in Austin, Texas, and has grown to 35 locations in North America. It distinguished itself in the exhibition landscape with drinks, dine-in food service and a cool vibe that became a favorite of cinephiles.

“We are beyond thrilled to join forces with Sony Pictures Entertainment to expand our company vision to be the best damn cinema that has ever, or will ever, exist now in ways we could only ever dream of,” Alamo Drafthouse founder Tim League said in a statement. “They have a deep respect and understanding of cinema’s ability to both drive growth and create lasting cultural impact which aligns perfectly with everything Alamo Drafthouse stands for.

For Sony, the Drafthouse acquisition is also tied into its experiences initiatives, including its Wheel of Fortune Live! Traveling tour and the Wonderverse space in Chicago. Ravi Ahuja, the president and chief operating officer of Sony Pictures Entertainment, also noted that the studio’s Crunchyroll films are particularly aligned with the interests of Drafthouse fans. closed some locations and canceled plans to open new ones.

Distribution and exhibition have undergone vast changes since the days of the Paramount Consent Decrees, including the proliferation of multiplex theaters that show films from different exhibitors throughout the day and the advent of television, home video and streaming. The separation mandate officially went away in 2020 when the Paramount Consent Decrees were terminated.

Now Netflix, for instance, owns several theaters in New York and Los Angeles, and the Walt Disney Co., which was not part of the original “big eight” in the 1940s, owns and operates the El Capitan in Los Angeles. Movie theater chains have also stepped outside their lane recently, with artists like Taylor Swift and Beyoncé

Source: News Formal (newsformal.com)

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