AUSTIN, Texas – Texas’ movie-theater fans can breathe a sigh of relief knowing Alamo Drafthouse Cinema will be in good hands.
Sony Pictures Entertainment (SPE) announced Wednesday it acquired the popular Austin-based theatrical exhibitor. According to a press release, the company will managed within Sony’s newly established division Sony PIctures Experiences, but not much change is expected.
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For example, Sony says Alamo Drafthouse’s CEO Michael Kustermann will keep his position but report to SPE’s President and Chief Operations Officer, Ravi Ahuja. Additionally, it will be business as usual for Alamo Drafthouse, which will be able to continue operating its 35 cinemas across 25 metro areas under its brand and maintain its world-renowned film festival, Fantastic Fest. The company’s headquarters will also remain in Austin.
“We are excited to make history with Sony Pictures Entertainment and have found the right home and partner for Alamo Drafthouse Cinema,” Kustermann said in a press statement. “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.”
The good news is certainly welcoming considering Alamo Drafthouse has seen its ups and downs over the last few years. In March 2021, the company filed for Chapter 11 bankruptcy. Some locations were also shut down and plans to open new ones were canceled. Alamo emerged from bankruptcy at the end of May 2021, under the ownership of League, Altamont Capital Partners, and Fortress Investment Group.
“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,” Ahuja added. “Alamo Drafthouse’s differentiated movie-going experience admired brand, and devoted community fit well with this vision.
Founded in 1997 by Tim and Karrie League, Alamo Drafthouse has been a popular destination that has evolved from its humble beginnings as a single-screen theater in Austin, to a thriving dine-in cinema chain beloved by fans and industry members. And this new acquisition only further emphasizes that evolution.
“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,” Tim League said. “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.”