- General
- August 17, 2018
- 5 minutes read
Amazon said to be gearing to acquire Landmark Theatres
Landmark co-owner and tech entrepreneur Mark Cuban image credit : Flickr/ JD Lasica Retail giant Amazon is now said to…
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| Landmark co-owner and tech entrepreneur Mark Cuban
image credit : Flickr/ JD Lasica
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Retail giant Amazon is now said to be contending for an acquisition of 56 cinema strong movie chain Landmark Theatres in a bid to make more moves and disruption in the brick-and-mortar scene.
Landmark Theatres is owned by Wagner/Cuban Cos. with the name notably referencing to its two tech entrepreneur owners Mark Cuban and Todd Wagner who reaped a good fortune selling now defunct internet broadcasting service Broadcast.com to Yahoo for $5.7 Billion in 1999.
An acquisition would indicate the tech behemoth looking to tap into another market consisting of a good customer base for its current streaming and movie production services as Amazon which as of current hasn’t made any official comments concerning acquisition reports looks to expand into larger market segments in a bid to grow its vast consumer reach.
Landmark currently counts presence in high-profile locations including LA, San Francisco, New York, Chicago, Philadelphia, Boston, Santa Cruz and Seattle with a total count of 268 screens across 27 markets.
Amazon movie streaming competitor Netflix has also been previously reported to be another contender for an acquisition of the movie theater chain as both firms would like to operate movie chains to enable it screen a growing content pipeline of its feature films and documentaries in a bid to get more exposure.
U.S. regulations have previously prevented film studios from getting into the theater industry but earlier this month, The Government stated of considering terminating the 70 year old restriction which could open up the market to both Amazon and Netflix.
Landmarks which traces its origin to over 40 years back to American film director Kim Jorgensen focuses on indie and foreign and affirms to being the largest in the sector. No acquisition talks have been made official as of now although co-owner Mark Cuban earlier this year stated of hiring a bank to mull an acquisition for the movie theater group.
