In its continued pursuit of brick-and-mortar dominance in several industries, Amazon is reportedly one of several suitors bidding to acquire movie theater chain Landmark Theatres.
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The cinema chain is owned by Wagner/Cuban Cos., a company backed by billionaires Mark Cuban and Todd Wagner, Bloomberg reports. Landmark Theatres has more than 50 locations in markets including San Francisco, New York and Chicago. The chain features largely independent and foreign films, and has several locations that include coffee bars and upscale lounges.
Deadline Hollywood contradicted the rumor Thursday morning, reporting that sources negated reports Amazon is courting Landmark.
“We hear from various sources on good authority that Amazon isn’t in the running nor are they even in the final rounds for Landmark,” Deadline reports. The virtual magazine estimates the value of the theater chain is about $175M.
Amazon has grown into a cross-industry trailblazer with an assortment of business lines that extend far beyond its initial online retail and cloud computing services business. Amazon entered the physical bookstore space in 2015 and has since opened about 20 locations in the U.S., according to Bloomberg. The e-commerce behemoth also aims to master the physical and online grocery market following its $13.7B acquisition of Whole Foods Market in mid-2017.
The tech giant already has a strong presence in the media and entertainment industry with its film and TV studio, and its suite of Amazon Prime streaming services for prime members. Securing Landmark Theatres and adding promotional deals for Prime members could be yet another way for the e-commerce king to increase its subscription base and retain members, Engadget reports.
Theater chains, having suffered from slumping sales in recent years due to the rise of streaming services like Netflix and Hulu, are doubling their efforts to increase visitor traffic through various means, including hosting events, conferences and meetings at venues.
The sale of Landmark Theatres is still being considered with the help of investment banker Stephens Inc., and could potentially come to nothing, according to Bloomberg.
UPDATE, AUG. 16, 5:02 P.M. ET: A report published by Deadline Hollywood Thursday morning said several sources confirmed Amazon is not in the running to acquire Landmark Theatres. The story has been updated to reflect this report.
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