(Photo via Tony Webster/Wikimedia Commons/CC BY 2.0 DEED, cropped from original)
Last Thursday, Deadline reported the Texas-based Alamo Drafthouse Cinema theater circuit is up for sale. There is no confirmation on an asking price for the Austin-headquartered chain, though Deadline states various studios have heard the proposal.
The company filed for Chapter 11 bankruptcy in March 2021 amid pandemic-related struggles. In response, Drafthouse reorganized, selling most of its assets to Altamont Capital Partners, with funds managed by affiliates of Fortress Investment Group and founder Tim League.
Following the sale’s completion in June 2021, the company emerged from bankruptcy and announced plans to open five new theaters in Manhattan, Staten Island and St. Louis, as well as two locations in Washington D.C. Since then, Drafthouse has opened several new locations across the country, embracing and expanding their franchise model. Deadline notes the current deal “differs in that roughly 17 sites are franchise-owned,” out of 41 locations across the U.S.
League and wife Karrie founded the company in Austin in 1997. It has since become a hotspot for unique film exhibitions with a strong focus on dine-in food and drink.
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