Sony Pictures Entertainment acquired Alamo Drafthouse, which runs 35 dine-in theaters across nine states, from Altamont Capital Partners, Fortress Investment Group and founder Tim League. Terms were not disclosed; Deadline, citing unnamed sources, reported a price of around $200 million. Alamo CEO Michael Kustermann also took charge of Sony Pictures Experiences, a new division that includes the Fantastic Fest film festival. About Alamo Tim and Karrie League founded Alamo Drafthouse in Austin in 1997 as a family-run repertory cinema, and it became known for serving food and drinks at the seats and for strict no-talking rules. It went through Chapter 11 bankruptcy in March 2021, when Altamont and Fortress took over. A week before Sony's deal, a separate franchisee closed six theaters, five of them in North Texas, after filing for bankruptcy. Sony's view Sony Pictures president and chief operating officer Ravi Ahuja said Alamo's distinctive moviegoing experience, admired brand and devoted community fit Sony's vision. Sony Pictures chief executive Tony Vinciquerra later said it would not be a massive business but would grow a little, and that Sony was keeping Alamo's operations separate from the studio.
