After rumors swirled in March that cult-favorite theater chain Alamo Drafthouse was looking for a prospective buyer, a Hollywood studio has reportedly sealed the deal in a blockbuster acquisition.
Sony Pictures Entertainment announced on Wednesday that it had acquired the dine-in theater chain in what’s estimated to be a $200 million deal.
As part of the new deal, Alamo Drafthouse Cinema will live under Sony Pictures Experiences division. Current Alamo Drafthouse CEO Michael Kustermann will remain in his position and will also become the head of Sony Pictures Experiences. He will report to the President and COO of Sony Pictures Entertainment, Ravi Ahuja.
Related: A Cult-Favorite Theater Chain Is Reportedly Looking
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