Sony Buys Alamo Drafthouse, Promises to Keep Popcorn Prices Just as Cinematic
Sony Pictures Entertainment just made a blockbuster acquisition by purchasing Alamo Drafthouse, the popular dine-in movie theater chain known for its eclectic screenings and strict no-talking policy. In a plot twist worthy of a summer hit, Sony has assured the public that the move won't affect the theater's hallmark feature: popcorn sold at prices that could make your wallet cry as much as the latest tearjerker.
According to CNN, Alamo Drafthouse has a portfolio of 35 theaters sprawled across 25 metro areas. Headquartered in the hub of creativity—Austin, Texas—the theater chain couldn't escape the brutal reality script written by the Covid-19 pandemic, filing for bankruptcy in March 2021. But like any good Hollywood comeback, Alamo bounced back, seeing a 30% jump in box office revenue last year.
Under the new ownership, Sony will manage Alamo via a new division dubbed Sony Pictures Experiences. CEO of Alamo Drafthouse, Michael Kustermann, will keep his directorial role, but now he'll report to Ravi Ahuja, President and COO of Sony Pictures Entertainment. As Ahuja said in a statement, "We promise to keep things just as cinematic as the price of a small popcorn."
The fine print on the deal remains the unseen footage that didn't make it into the trailer. Sony, ever secretive, did not disclose the purchase price or other terms of the agreement. What is public, however, is Sony's extensive commitment to movie theaters, echoed by their CEO and chairman, Tom Rothman.
Sony’s acquisition doesn’t end at just the theaters. Alamo Drafthouse also came with a little surprise in the popcorn bag: Fantastic Fest, their renowned film festival known for celebrating the weird and wonderful side of cinema. The slew of arthouse hits and disastrous B-movies will now unspool under Sony's marquee.
The theater chain emerged from bankruptcy at the end of May 2021. Not content to rest on its surprisingly comfy cinema seats, Alamo Drafthouse continued to expand, now boasting 35 locations across North America. Sony acquired Alamo from its previous owners, including Altamont Capital Partners, Fortress Investment Group, and the chain's founder, Tim League, the man who made watching bad movies with good food a cultural staple.
Alamo Drafthouse employees have also had their own dramatic arcs. Following last year's Barbenheimer frenzy that hit Manhattan and Brooklyn, Alamo employees voted to unionize. Similar efforts have brewed in San Francisco and Austin, showing that the post-credits scene features real-life heroes trying to improve working conditions.
If there’s something Sony won’t touch, it’s the magic that makes Alamo Drafthouse, well, Alamo Drafthouse. Michael Kustermann, sitting securely in his director's chair, promises that all will remain “just as cinematic." So while the face in the lobby may change, you can still expect artisanal cocktails named after obscure movie quotes and, of course, popcorn prices that feel like they’ve been ripped from a dystopian satire.
In the immortal words of moviegoers everywhere: pass the butter, but keep the change.