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Sony Pictures is buying Alamo Drafthouse
  + stars: | 2024-06-12 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +1 min
New York CNN —Sony Pictures Entertainment has bought dine-in movie theater chain Alamo Drafthouse, the companies announced Wednesday. Sony said in a press release that the movie theater chain will be managed under a new division, Sony Pictures Experiences. While other Hollywood studios have jumped into streaming, Sony Pictures CEO and chairman Tom Rothman has expressed his commitment to movie theaters, according to various trade publications including The Hollywood Reporter. Sony Pictures touted its other spaces in the press release, such as Wonderverse, an immersive entertainment space, in Chicago and a Wheel of Fortune LIVE! Sony acquired Alamo from owners Altamont Capital Partners, Fortress Investment Group and founder Tim League.
Persons: Michael Kustermann, Ravi Ahuja, Tom Rothman, , Tim League Organizations: New, New York CNN, Sony Pictures Entertainment, Alamo, Business, Sony, Sony Pictures, SPE, Hollywood, Hollywood Reporter, Altamont Capital Partners, Fortress Investment Group, Fest Locations: New York, Austin , Texas, Chicago
Sony Pictures is buying Alamo Drafthouse theater chain
  + stars: | 2024-06-12 | by ( Sarah Whitten | ) www.cnbc.com   time to read: +2 min
Sony Pictures has acquired Alamo Drafthouse, the seventh-largest movie theater chain in North America, the company announced Wednesday. Alamo Drafthouse CEO Michael Kustermann will remain at the helm of the dine-in movie theater chain and will report to Ravi Ahuja, president and CEO of the newly formed Sony Pictures Experiences division. The company's 35 cinemas will continue to be operated by Alamo Drafthouse and its headquarters will remain in Austin, Texas. The acquisition comes after Alamo Drafthouse filed for Chapter 11 bankruptcy protection in 2021 due to Covid-19 pandemic disruptions. "We are excited to make history with Sony Pictures Entertainment and have found the right home and partner for Alamo Drafthouse Cinema," said Kustermann.
Persons: Walter Reade, Michael Kustermann, Ravi Ahuja, Alamo Drafthouse, Ahuja, Tim League Organizations: Sony Pictures, Alamo, Department, Paramount, Warner Bros, Century Fox, MGM, Universal, United Artists, Columbia Pictures, Sony, Walter Reade Organization, Lowes, Disney, El Capitan Theatre, Netflix, Egyptian, New York's, Altamont Capital Partners, Fortress Investment Group, Sony Pictures Entertainment Locations: North America, Columbia, New York's Paris, Austin , Texas, Texas
Alamo employees worked with United Auto Workers Local 2179 and this week voted to unionize, with nearly two-thirds in favor. They join Alamo employees at the Brooklyn theater, who voted last month to become part of Local 2179. At a time of labor action in the movie industry and beyond, union activity is expanding at movie theaters themselves, a trend which began during the pandemic. Within days, Brooklyn employees voted to unionize, by a margin of more than 2-to-1. “For years the workers of Brooklyn Alamo have tried to solve problems through dialogue with management, to no avail,” the union statement read in part.
Persons: “ Barbie ”, “ Oppenheimer, Barbenheimer ”, Maggie Quick, , Tyler Trautman, , Quick, it's, Olga Brudastova, Chad Bolton, Tim League, Alamo, Sen, Bernie Sanders, Bernie, I’m, Michael Kusterman, Shelli Taylor, It'll Organizations: Alamo, Manhattan, United Auto Workers, Film, Amherst Cinema, Film Forum, UAW, The Associated Press, Vermont, League, Karrie League, Democratic Party, America, Hollywood, Gallup, Rice University, Entertainment, League . Altamont Capital Partners, Fortress Investment, Brooklyn, Brooklyn Alamo Locations: Manhattan, Brooklyn, New York, Massachusetts, San Francisco, Austin , Texas, Amherst, , Alamo, Texas, U.S, Austin
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