Sony Pictures buys the dine in movie theater chain Alamo Drafthouse

Sony Pictures Entertainment has recently acquired Alamo Drafthouse, the dine in movie theater chain as confirmed by both companies on Wednesday.

Sony Pictures confirmed on Wednesday that it had acquired Alamo and will continue to operate its 35 locations. The theater will become a part of Sony Pictures Experiences, a new division with its headquarters still located in Austin, Texas. Sony also bought Fantastic Fest, Alamo's genre film festival, as part of the acquisition.

The purchase price and other conditions of the agreement were not disclosed by Sony.

In Austin, Texas, Alamo Drafthouse was established in 1997 as a family-run repertory theater.

The largest privately held cinema network in the country, Alamo has theaters in Virginia, Texas, New York, California, and other states. Sony claims that over 10 million people visit the theaters annually.

Large-audience horror and science-fiction films are among the repertory and new releases available in the theaters run under the Alamo banner. It has been said by Sony that Alamo will "continue to welcome content from all studios and distributors."

Even though it was a favorite among the public, the Covid-19 epidemic severely damaged it. In March 2021, it declared bankruptcy and started closing its locations. The business started to improve, and last year it experienced a 30% increase in box office receipts over the previous year.

Sony announced in a news statement that Sony Pictures Experiences, a new division, will oversee the chain of movie theaters. Michael Kustermann, the CEO of Alamo Drathouse, will continue in his role but will now be accountable to SPE President and COO Ravi Ahuja.

Sony has been enjoying success at the global box office lately with films, like " Boys; Ride or Die " "The Garfield Movie " and the unexpected hit romantic comedy "Anyone but You" bringing in strong ticket sales.