Fortress Investment Group LLC, a global investment manager, has acquired the UK’s Curzon cinema chain.
The company operates 16 cinemas and 46 total screens, along with the film distributor Curzon Film and the Curzon Home Cinema streaming service. The financial terms of the acquisition were not disclosed, although The Telegraph said Fortress reportedly paid $5 million for the transaction, which was part of a foreclosure auction on the assets of the financially frayed Cohen Realty Enterprises. Fortress Credit Corp. sued Cohen earlier this year for defaulting on a large loan backed by its properties, which included the Landmark theater chain in the US.
However, Deadline reported there was no bidder for the Landmark assets while Fortress was the sole bidder for the Curzon assets.
“Curzon is an iconic film company, with global recognition for its long legacy of releasing and connecting independent and critically acclaimed films to UK audiences,” said Allison Swayze, Managing Director at Fortress. “We’re pleased to acquire Curzon, and bring our support to the company’s dedicated team. Curzon has exciting near-term plans which include expanding its cinema footprint and delivering awards and release plans for an exciting slate of films. Our acquisition secures the jobs of more than 350 employees, and helps Curzon continue to offer film fans a range of independent and blockbuster movies both in cinema and at home.”
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