For The First Time In Nearly A Century, A Movie Studio Now Owns A Texas Based Chain Of Popular Movie Theaters.

From 1948 until 2020, the U.S. Department of Justice prohibited film distributors and movie studios from owning an exhibition company under what was known as the Paramount Consent Decrees, which arose from a 1948 U.S. Supreme Court ruling.

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

Sony Pictures Entertainment has acquired Alamo Drafthouse Cinema.

Alamo Drafthouse brought something new and exciting to movie viewing, with its recliner seating, full restaurant-style menu, delicious cocktails and its famed "No Talk Or Text" policy.

The Texas based chain expanded into New York, Virginia, Chicago, Washington DC, Missouri, Nebraska, North Carolina, California but since the pandemic like most movie theaters, they've been struggling to lure movie goers back to theaters.

Just Last Week, They Abruptly Closed 6 Theaters, 5 In Texas, One In Minnesota.

According to the report, five North Texas locations closed amid a franchisee filing for bankruptcy.  Alamo filed for Chapter 11 bankruptcy protection in 2021, when it was still reeling amid the COVID-19 pandemic. Altamont Capital, Fortress Investment Group and League emerged as its owners post-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is the first major Hollywood studio to step forward and test the waters since the Paramount Decrees were officially rescinded in 2020.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.

Alamo will continue to operate all 35 of its cinemas across 25 metro areas under the Alamo Drafthouse brand.

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Alamo will continue to be run by Alamo CEO Michael Kustermann, under a new division that he’ll also be in charge of, Sony Pictures Experiences. The company’s headquarters will remain in Austin, Texas.

Sony said the deal reinforces its long-held commitment to theatrical exhibition and continued initiatives in experiential entertainment.

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