Mark Cuban Sells Landmark Theatres To Real Estate, Media Mogul Charles Cohen
Charles Cohen has made a major acquisition in the field of his first love.
The Cohen Brothers Realty Corp. president and CEO, Cohen has purchased Landmark Theatres, the largest chain of independent film-focused movie theaters in the country, Forbes reports. He purchased the company through his film venture Cohen Media Group from the partnership of Mark Cuban and Scott Wagner.
Though Cohen made his fortune in real estate, Cohen Media Group is more than a vanity project, having been producing and distributing independent films since its founding in 2008. Cohen has reportedly been trying to buy Landmark since 2011, when Cuban and Wagner put it up for sale before pulling it off the market. The two purchased Landmark through their own media company, 2929 Entertainment, back in 2003.
Both Cuban's purchase and sale of Landmark were for undisclosed prices. Landmark operates 252 screens across 57 locations, nearly all of them in major urban markets such as New York, Atlanta, Seattle and Los Angeles. Streaming media giants such as Netflix and Amazon were rumored to be in the mix for the Landmark bid.
Both Cuban and Cohen were listed among Bisnow's Richest In Real Estate list in 2017 as being worth slightly over $3B each.