Billionaire sells Landmark Theatres to Cohen Media
LOS ANGELES: Landmark Theatres, the independent movie chain backed by billionaire Mark Cuban, was purchased by Cohen Media Group, giving the buyer a well-known cinema brand with high-profile locations in major markets like New York and Los Angeles.
Cohen Media is acquiring a chain with 252 screens in 27 markets, according to a statement, released on Tuesday.
Financial terms weren’t disclosed. Before the current auction, Cuban and his partner Todd Wagner previously sought to sell the chain in 2011.
The pair of investors, who acquired Landmark in 2003, are picking an opportune moment to exit. Industrywide, US box-office sales are up 10% this year to almost $10.9 billion through last weekend, according to research firm Comscore Inc.
The new owners plan to keep the management of Landmark, which is led by chief executive Ted Mundorff.
Landmark’s cinemas are known for art-house fare, and some high-end locations include coffee bars or lounges, setting them apart from the typical movie multiplex.
Closely-held Cohen Media, based in New York, was founded in 2008 by Charles Cohen. It distributes films in North America and also restores classic movies.
The company has released multiple Academy Award-nominated films, including Timbuktu, Mustang, and The Salesman, last year’s Oscar winner for best foreign language film.
Reading International Inc, owner of the Angelika Film Center and City Cinemas cinema chains, also has been the source of takeover speculation.
It recently received a approach from a group of investors including Patton Vision LLC, private equity firms TPG and Madison Dearborn Partners and the Santo Domingo Group.
Amazon.com Inc was said to have contemplated a Landmark deal, though it never moved forward.
The e-commerce giant has been building its entertainment and media assets, including a film and TV studio and music service.