Source: PATRICK T. FALLON / Getty / Alamo Drafthouse
Well, this came out of nowhere. Sony is now the owner of the popular movie theater chain Alamo Drafthouse.
The two companies announced the stunning news on Wednesday, revealing that Sony will oversee the theater experience under its new Sony Pictures Experiences division.
In a press release, Sony promises it “will preserve Alamo Drafthouse’s distinctive movie-dining experience.” At the same time, Alamo will continue operating “all 35 of its cinemas across 25 metro areas under the Alamo Drafthouse brand.”
Alamo’s current CEO, Michael Kustermann, will remain in his role. If you’re worried about the Fantastic Fest film festival, Alamo will still be in charge of that as well.
Sony is purchasing the movie theater chain from Altamont Capital Partners, Fortress Investment Group, and Alamo founder Tim League.
That same group took ownership of Alamo after it filed for Chapter 11 bankruptcy in 2021.
Sony purchased Alamo Drafthouse largely due to the 2020 termination of the Paramount Consent Decrees. According to The Verge, the 1948 Supreme Court decision required movie companies to sell the theaters they owned to increase competition and allow customer choice.
Now that movie fans have so many options for viewing films, the Department of Justice decided to reverse the decree.
While the news may shock many, Sony is not the first movie company to take advantage of the decree’s reverse.
Netflix also owns movie cinemas in New York and Los Angeles.
The reactions to the news are similar, with fans of the theater chain warning Sony not to mess this up.
“Not sure what this means but it’s an Alamo down the street from me and I love that place. Don’t ruin the vibes, Sony,” one person on X, formerly Twitter, wrote.
This writer agrees, and the price of my Alamo Season Pass better not rise either.