Amazon is looking to acquire a brick-and-mortar movie theater chain

Angelo Anderson
August 18, 2018

With an aim to enter the brick-and-mortar-cinema space, Amazon is looking to acquire American movie chain Landmark Theatres from Wagner/Cuban Cos, according to a report by Bloomberg.

With over 50 theaters in locations including NY and LA, the chain, which focuses on independent and foreign films, has been working with investment banker Stephens evaluate offers from other interested buyers, claims Bloomberg's anonymous sources.

While Bloomberg says no final decision on a sale has been made, and that nothing might come from the talks with Amazon, movie chain stocks have fallen on the back of the news. Amazon didn't respond when reached for comment, but regardless of its specific plans for the theater chain, the acquisition seems like a no-brainer at the right price. Currently, Landmark has 50 theaters with about 250 screens in total in 27 different markets including New York, Chicago, Los Angeles, Philadelphia, and San Francisco.

Amazon already has its own film studio that produces original content streamed on Amazon Prime, but a theatre could give its content more visibility and qualify movies for the Academy Awards.

If Amazon does acquire Landmark, it would be the second time the online retail giant has snapped up a brick-and-mortar company, the first being Whole Foods past year. But the USA government said earlier this month that it was considering terminating a 70-year-old Hollywood settlement that halted the vertical integration of studios and theaters. The "Paramount decree" makes it hard for small films to get distribution, but Amazon could change that.

Cuban and Wagner also own Magnolia Pictures, the production company 2929 Productions, and the networks AXS TV and HDNet Movies.

Other reports by Iphone Fresh

Discuss This Article