Alamo Drafthouse, the meals theater chain that has fizzled throughout the pandemic earlier than Declaration of bankruptcy Three years in the past, he acquired a brand new lease on life after discovering a brand new proprietor for the corporate.
Sony photos He said On Wednesday, it bought Alamo and can maintain its 35 areas open. The theater, which can stay headquartered in Austin, Texas, will probably be folded into a brand new division known as Sony Footage Experiences. As a part of the deal, Sony additionally acquired the Alamo’s Implausible Fest movie pageant.
Sony didn’t disclose the acquisition value or different phrases of the deal.
Ravi Ahuja, president of Sony Footage, mentioned the deal aligns with the corporate’s mission to “interact outside leisure fans in enjoyable and distinctive methods,” including, “Alamo Drafthouse’s premium moviegoing expertise, spectacular model, and constant group match nicely with this imaginative and prescient.” “
Alamo is the nation’s largest privately owned theater chain, with areas in California, New York, Texas, Virginia and different states. The theaters entice greater than 10 million clients yearly, in line with Sony.
Launched in Austin in 1997, Alamo set itself aside within the land of film chains by providing clients alcoholic drinks, seat-side meals service and an environment that rapidly created a buzz amongst theatergoers. Firm slogan: “The Alamo Drafthouse Theater is nice meals, good beer and film, all in the identical place!”
“We had been created by film followers for film followers,” Alamo CEO Michael Kosterman, who will retain his place, mentioned in a press release. “We all know how essential that is to Sony, and it serves as additional proof of their dedication to the theatrical expertise.”
Alamo mentioned in its submitting that social distancing restrictions as a result of pandemic, coupled with delayed releases of recent movies, have damage its enterprise. bankruptcy In 2021. The Alamo had 41 theaters earlier than looking for safety from collectors, however the firm Six locations closed Throughout North Texas.
The Alamo was one among quite a lot of movie show chains that collapsed throughout the pandemic. Proprietor of Regal Cinema, Cineworld, Declared bankruptcy In 2022. AMC Theaters is at risk Running out of money Final 12 months even acquired Cash injection of $917 million From traders.
Personal fairness corporations Altamont Capital and Fortress Funding purchased Alamo as a part of its chapter. The theater firm emerged from Chapter 11 in March of 2021.
The Related Press contributed to this report.
(tags for translation)Films(R)Sony
