Amazon Is Looking To Buy A Movie Theater Chain
Amazon doesn’t just want to own the online video marketplace but is now looking to get into theaters by acquiring movie chain Landmark Theaters
Even though you can already watch various TV shows and movies via Amazon Prime, the tech behemoth is now looking to break into the movie theater industry with reports of intention to purchase Landmark Theaters. If this deal goes through, it will make Shark Tanks’ billionaire Mark Cuban that much richer, since the chain is owned by Wagner/Cuban Cos., backed by Cuban and Todd Wagner. It’s been reported that the owners are working with investment banker Stephens Inc. on the deal.
Landmark isn’t quite what you would think of as a global theater, given that it focuses on independent and foreign films in its 50 theaters throughout 27 markets. The move not only would help Amazon get ahold of some high-end theater locations that also have cool coffee bars and lounges but it would also help the tech company get its hands on broader distribution of film content. For similar reasons, it’s rumored that Netflix is also looking to purchase Landmark as well.
And this of course wouldn’t be the first time Amazon has made a big purchase of a brick and mortar chain – we’ve already seen the innovation the company is doing with Whole Foods in such a short time since acquiring the grocery store last year.
We’re excited to see if Amazon actually makes the deal to purchase Landmark. Let us know what you think about the move in the comments section below and be sure to subscribe to The Sitch for more acquisition news and other entertaining reads.