EXCLUSIVE: Wagner/Cuban companies’ Landmark Theatres arthouse chain is on the sales block.
Sources inform Deadline that buyers showed interest, and an investment bank was hired to vet possibilities. We understand it’s still early in the sales process.
Seven years ago Wagner/Cuban put Landmark up for sale, but then later pulled it back into their fold. Sources say that Landmark was seeking an estimated $200M for the chain at that time. Magnolia Pictures was also put up for sale then as well.
Mark Cuban and Todd Wagner have owned Landmark Theatres, a chain that spans 53 locations and 255 screens, since 2003 when they snapped up the exhibitor from Oaktree Capital Management. Back in 2001, Oaktree pulled Landmark’s parent Silver Cinemas out of bankruptcy for a reported $40M.
Like any exhibition chain nowadays, our sources also say there’s some investment that will need to be incurred by whoever buys Landmark in regards to upgrading some locations, however, the exhibitor is in significantly better shape than Carmike was when AMC purchased it; many of those auditoriums had gone to seed.
Landmark boasts a number of platinum locations including their brand new 57 West locale, The Landmark on Pico in Los Angeles, Boston’s Kendall Square, the Atlantic Plumbing Cinema in Washington D.C., and Merrick Park in Miami, many of which include luxury dining. One studio executive told us this morning, “Landmark is the type of chain you can release your independent film on, and literally keep it solely booked with that chain alone and reap a ton at the box office. Few, if any, cinemas can boast that in the specialty sector.”