The studio behind recent films like “Bad Boys: Ride or Die” and “The Garfield Movie” has acquired the distinctive theater chain Alamo Drafthouse Cinema, the companies said Wednesday. Included in the deal is the genre film festival Fantastic Fest.
For many years, Hollywood studios were banned from owning movie theaters, but that changed in 2020 when the Paramount Consent Decrees were terminated. Netflix owns several theaters in New York and Los Angeles, and the Walt Disney Co. owns and operates the El Capitan in Los Angeles. “We are beyond thrilled to join forces with Sony Pictures Entertainment to expand our company vision to be the best damn cinema that has ever, or will ever, exist now in ways we could only ever dream of,” Alamo Drafthouse founder Tim League said in a statement. “They have a deep respect and understanding of cinema’s ability to both drive growth and create lasting cultural impact which aligns perfectly with everything Alamo Drafthouse stands for.