Sony Pictures buys dine-in movie theater chain Alamo Drafthouse

June 12, 2024 Benjamin Hughes

Alamo Drafthouse, the dine-in movie theater chain that faded during the pandemic before declaring bankruptcy three years ago, has a fresh lease on life after finding a new corporate owner.

Sony Pictures said Wednesday it has purchased Alamo and will keep its 35 locations open. The theater, whose headquarters will remain in Austin, Texas, will be folded into a new division called Sony Pictures Experiences. As part of the transaction, Sony also acquired Alamo’s genre film festival, Fantastic Fest.

Sony didn’t disclose the purchase price or other terms of the deal.

bankruptcy in 2021. Alamo had 41 theaters before seeking protection from creditors, but the company closed six locations across north Texas.

All five Dallas-area Alamo Drafthouse locations closing immediately due to bankruptcy filing

00:34

Alamo was one of a number of movie theater chains that cratered during the pandemic. The owner of Regal Cinemas, Cineworld, declared bankruptcy in 2022. AMC Theatres risked running out of cash last year until it received a $917 million cash infusion from investors.

Private equity firms Altamont Capital and Fortress Investment bought Alamo as part of its bankruptcy. The theater company emerged from Chapter 11 in March of 2021.

—The Associated Press contributed to this report.

Khristopher J. Brooks

Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.

Source: cbsnews.com