Sony Pictures Entertainment has agreed to purchase Alamo Drafthouse Cinema, a 35-location U.S. theater chain known for creative cocktails and craft food service as well as “no talking, no texting” policies. To manage the acquisition, SPE has established Sony Pictures Experiences, which will be headed by Alamo Drafthouse CEO Michael Kustermann. The exhibitor chain was purchased from founder Tim League, Altamont Capital Partners and Fortress Investment Group, who had quietly been shopping it this past year. Established in Austin, Texas in 1997, Alamo operates in 25 U.S. metropolitan areas and is the seventh-largest theater chain in North America. Continue reading Sony Is Purchasing Popular Alamo Drafthouse Theater Chain

Vice Media, the digital company once valued at nearly $6 billion, filed for Chapter 11 bankruptcy Monday. After launching as a magazine 29 years ago in Montreal, the startup expanded, launching a flagship website and acquiring the Virtue ad agency, Pulse Films and the women-focused Refinery29. Vice’s businesses will continue operations throughout the bankruptcy process, which includes a sale to take place within 55 days. Vice lenders including Fortress Investment Group and Soros Fund Management have joined forces to acquire the company, submitting a bid of $225 million and agreeing to assume “substantial debt.” Continue reading Vice Media Files Chapter 11 with Sale Set for Within 55 Days