TEXAS, USA — Sony Pictures announced Wednesday that it acquired Texas-based Alamo Drafthouse Cinema in a landmark deal that puts the studio back in the business of owning movie theaters.
The news comes about a week after all five Alamo Drafthouse locations in North Texas closed as the local franchise partner that operates the theaters filed for Chapter 7 bankruptcy.
In Texas, the theater chain, known for its restaurant-in-theater experience as well as themed parties and menu items, has Texas locations in Austin, Corpus Christi, Houston, Laredo, Lubbock, and San Antonio, according to its website.
It's not immediately clear what the acquisition means for the shuttered theaters in North Texas, but last week, a company spokesperson expressed hope for a return of Alamo Drafthouse to DFW.
"We are working as quickly as possible to get Alamo Drafthouse Cinema back up and running in these cities," the statement at the time read.
Alamo Drafthouse’s Michael Kustermann will remain CEO of the chain and head Sony Pictures Experiences.
Alamo Drafthouse will continue to operate all 35 of its locations across 25 metro cities under the Alamo Drafthouse brand. The Alamo Drafthouse-owned Fantastic Fest genre film festival, is included in the acquisition and will also continue to be operated by Alamo Drafthouse. The company’s headquarters will remain in Austin.
“We believe strongly in engaging entertainment fans outside the home in fun and distinctive ways as seen most recently with our Wheel of Fortune LIVE! traveling tour, and the opening of Wonderverse in Chicago,” said Sony Pictures Entertainment President and COO Ravi Ahuja. “Alamo Drafthouse’s differentiated movie-going experience, admired brand and devoted community fit well with this vision. Our Crunchyroll business also aligns well with their audience’s interests. We look forward to building upon the innovations that have made Alamo Drafthouse successful and will, of course, continue to welcome content from all studios and distributors.”
Sony Pictures acquired Alamo Drafthouse from owners Altamont Capital Partners, Fortress Investment Group, and Founder Tim League. Fortress Investment Group and Altamont Capital partnered with Alamo founder Tim League to buy the Alamo Drafthouse assets out of bankruptcy in 2021.
“We are excited to make history with Sony Pictures Entertainment and have found the right home and partner for Alamo Drafthouse Cinema,” said Kustermann. “We were created by film lovers for film lovers. We know how important this is to Sony, and it serves as further evidence of their commitment to the theatrical experience. Together we will continue to innovate and bring exciting new opportunities for our teammates and moviegoers alike.”
Alamo Drafthouse was founded in 1997 by Tim and Karrie League as a single-screen repertory theater in Austin and grew to 35 locations.
"Alamo Drafthouse has always held the craft of filmmaking and the theatrical experience in high esteem, which are fundamental shared values between our companies. I’m jazzed that our company is doing this,” said Tom Rothman, Chairman and CEO of Sony Pictures Motion Picture Group.
For more information, visit Sony Pictures’ website.