Sony Pictures expands entertainment portfolio with acquisition of Alamo Drafthouse Cinema
- Sony Pictures Entertainment has acquired the popular dine-in movie theater chain, Alamo Drafthouse Cinema.
- The acquisition marks Sony's entry into the exhibition business, expanding its entertainment portfolio.
- This acquisition signals Sony's commitment to diversifying its offerings in the entertainment industry.
Sony Pictures Entertainment has acquired the popular dine-in movie theater chain Alamo Drafthouse Cinema, including the genre film festival Fantastic Fest. Alamo Drafthouse, founded in 1997 in Austin, Texas, has grown to 35 locations in North America. The acquisition aligns with Sony's experiences initiatives and its Crunchyroll films, appealing to Drafthouse fans. After filing for Chapter 11 bankruptcy in March 2021, Alamo emerged from bankruptcy in May 2021 under new ownership. Michael Kusterman was named Alamo CEO and will lead the Sony Pictures Experiences division. Employees at Alamo Drafthouse in Manhattan and Brooklyn unionized last year. The Paramount Consent Decrees, which required major studios to divest distribution operations or theaters, were terminated in 2020.