SONY - Sony Steps Into Theater Business With Alamo Drafthouse Purchase | Benzinga
Sony Group Corp’s (NYSE:SONY) Sony Pictures Entertainment (SPE) has acquired Alamo Drafthouse Cinema, a prominent dine-in movie theater chain, marking a significant expansion into the theatrical exhibition sector.
SPE acquired Alamo Drafthouse from owners Altamont Capital Partners, Fortress Investment Group and founder Tim League. The financial terms were not disclosed.
This acquisition is set to be managed under the newly formed division, Sony Pictures Experiences, emphasizing SPE’s commitment to experiential and theatrical entertainment.
The integration of Alamo Drafthouse will include all 35 of its locations across 25 metropolitan areas. The deal includes the continuation of the renowned Fantastic Fest, a genre film festival operated by Alamo Drafthouse.
Michael Kustermann, the current CEO of Alamo Drafthouse, will lead Sony Pictures Experiences. He will report directly to Ravi Ahuja, President and COO of SPE.
The integration of Alamo Drafthouse into Sony’s operations comes ...