Welcome to Extreme Investor Network, where we bring you the latest news and updates in the world of business and investments. Today, we have an exciting piece of news to share with you – Sony Pictures has made history by acquiring Alamo Drafthouse, the seventh-largest movie theater chain in North America.
This acquisition marks a significant milestone as it is the first time in over 75 years that a major Hollywood studio will own a movie theater chain. With the Paramount Consent Decrees being abolished in 2020, studios are now able to invest in theatrical companies, and Sony has taken the lead in this industry shift.
Alamo Drafthouse CEO Michael Kustermann will continue to lead the dine-in movie theater chain, which will operate its 35 cinemas under the Sony Pictures Experiences division. Despite facing challenges with the Covid-19 pandemic, Alamo Drafthouse has found a new home and partner in Sony, showcasing their commitment to the theatrical experience.
“We are excited to make history with Sony Pictures Entertainment and have found the right home and partner for Alamo Drafthouse Cinema,” said Kustermann. “Together we will continue to innovate and bring exciting new opportunities for our teammates and moviegoers alike.”
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