AUSTIN, Texas — Multiple entertainment news outlets are reporting that Austin-based movie theater chain Alamo Drafthouse is up for sale.
Founded in 1997, Alamo Drafthouse has 43 locations in more than a dozen states, including five in Austin and 13 others across Texas.
On Thursday, Deadline and Variety reported that the company's cinema circuit is up for sale. Sources told Deadline that some studios have heard the sales pitch for the circuit, but that there were no bidders as of yet.
There is also no word on an asking price for the circuit, though Deadline reports the chain cleared $134 million at the 2023 box office, up 25% from 2022.
Back in 2021, Drafthouse filed for bankruptcy. But it quickly reemerged after a sale to an investor group that includes private equity firm Altamont Capital Partners, Fortress Investment Group and Drafthouse founder Tim League. Deadline reports that the company named a new president and CEO last July, with Michael Kustermann replacing Shelli Taylor, who retired.
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Deadline reports that the top-grossing locations are owned by Alamo Drafthouse, but the circuit deal "differs in that roughly 17 sites are franchise-owned." The company also separates itself from other cinema chains in its overhead cost because its locations employ waiters and bartenders.
Alamo Drafthouse's rumored sale comes as the company has plans to open new theaters in Indianapolis, northwest Arkansas and southwest Florida and as it continues to renovate some of its Austin theaters. Drafthouse recently completed a "The Shining"-themed overhaul of its South Lamar Boulevard location and is currently renovating its Village location on Anderson Lane.
Alamo Drafthouse denied both Deadline's and Variety's requests for comment about the potential sale. KVUE has also reached out to the company for a statement, but we have not heard back.