For the first time in over 75 years, a major Hollywood studio now owns a movie theater chain. Sony Pictures Entertainment has officially acquired Alamo Drafthouse Cinema, a beloved dine-in theater brand known for its immersive movie experiences and strict no-talking policies.

This marks a historic shift in the industry. Since 1948, U.S. antitrust laws—known as the Paramount Consent Decrees—prevented major film studios from owning theaters to avoid monopolistic control. Studios were forced to sell their theater chains, breaking up Hollywood’s vertically integrated system. However, in 2020, those regulations were lifted, opening the door for moves like Sony’s latest acquisition.

Sony is the first major studio to step into the theater ownership game since the decree was rescinded. While Netflix and Amazon have acquired single theaters in recent years to qualify films for awards, Sony’s move is a much bigger play. The acquisition includes all 35 Alamo Drafthouse locations across 25 cities and the company’s flagship Fantastic Fest film festival.

Alamo Drafthouse, founded in 1997, has built a reputation for its premium in-theater dining, curated screenings, and fan-first approach to cinema. However, the company struggled during the COVID-19 pandemic, filing for bankruptcy in 2021 before being taken over by Altamont Capital, Fortress Investment Group, and founder Tim League.

Now, under Sony’s ownership, Alamo Drafthouse will continue to operate independently, with CEO Michael Kustermann leading the newly created Sony Pictures Experiences division. Kustermann emphasized that Alamo’s mission remains unchanged: "We were created by movie lovers, for movie lovers. Sony shares our passion, and together, we’ll continue innovating the moviegoing experience."

Sony’s Tom Rothman echoed the sentiment, saying, "Alamo Drafthouse has always championed the art of filmmaking and theatrical experiences—values we deeply share."

The acquisition signals Sony’s commitment to keeping theatrical experiences alive in an era dominated by streaming. It also hints at possible synergies with Crunchyroll (Sony’s anime streaming service) and other entertainment ventures.

With box office numbers still recovering post-pandemic, Sony’s move could reshape the landscape of theatrical distribution. The question remains: Will other major studios follow suit?