Amazon reportedly is looking to get into the movie theater business. The Seattle-based juggernaut, which has already produced Oscar-winning films like “Manchester by…
Amazon reportedly is looking to get into the movie theater business.
The Seattle-based juggernaut, which has already produced Oscar-winning films like “Manchester by the Sea” and “The Salesman” through its Amazon Studios arm, is in the running to acquire Landmark Theaters, according to Bloomberg.
Amazon is looking to pry Landmark away from billionaire entrepreneur Marc Cuban, who currently owns the chain along with Charity Network CEO Todd Wagner.
Landmark’s owners are working with investment bank Stephens and are in talks with “other suitors,” the report says, citing people familiar with the situation.
The sources cautioned that no final decisions have been made, and said the talks may still fall apart.
Landmark Theaters is known for its highbrow selection of films, peddling mainly independent and foreign movies on 255 screens at 50 locations in cities like New York, Los Angeles and Chicago.
The theater chain in March announced a deal with MoviePass, making its theaters available for e-ticketing on the subscription service’s app.
News of the talks sent cinama chain stocks up, with AMC Theaters — the nation’s largest theater chain — climbing 3.7 percent Thursday morning and Cinemark rising 1.8 percent.
Amazon declined to comment.
