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Movie Studio buys Texas-based movie theater chain

From 1948 to 2020, the U.S. Department of Justice prohibited film distributors and film studios from owning an exhibition company under the so-called Paramount Consent Decrees, which stemmed from a 1948 U.S. Supreme Court ruling.

The decrees essentially dismantled the old Hollywood studio system by forcing the majors to divest their theater assets according to THR. But that’s all about to change, and the Lone Star State will be the first testing ground.

Alamo Drafthouse brought something new and exciting to movie viewing, with its armchairs, full restaurant-style menu, delicious cocktails and famous ‘No Talk Or Text’ policy.

The Texas-based chain expanded to New York, Virginia, Chicago, Washington DC, Missouri, Nebraska, North Carolina, California bSince the pandemic, they, like most movie theaters, have struggled to attract moviegoers back to theaters.

According to the report, five locations in North Texas were closed because a franchisee filed for bankruptcy. Alamo filed for Chapter 11 bankruptcy protection in 2021, when the company was still reeling amid the COVID-19 pandemic. Altamont Capital, Fortress Investment Group and League emerged as owners after the bankruptcy.

Sony is the first major Hollywood studio to step forward and test the waters since the Paramount Decrees were officially rescinded in 2020. The only major film producers to acquire theaters since 2000 were Netflix and Amazon.

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Alamo will be led by Michael Kustermann, CEO of Alamo, under a new division he will also lead: Sony Pictures Experiences. The company’s headquarters will remain in Austin, Texas.

Sony said the deal reinforces its long-standing commitment to theatrical exhibition and ongoing experiential entertainment initiatives.

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