Cuban
Dallas Mavericks owner Mark Cuban bought Landmark Theaters eight years ago, spent tens of millions to upgrade and expand the specialty theater circuit and, like any good businessman, is now looking to sell it -- at a premium -- along with distributor Magnolia Pictures. A person close to the deal told Variety this is not a distress sale; it's an investor's move. The 52-year-old billionaire floated a balloon with Bloomberg News on Tuesday, saying in an email that he was "testing the waters" with his entertainment holdings because they are attracting "huge valuations." In other words, if you're among the interested parties expected to make bids at auctions next week, prepare for sticker shock. "We won't sell unless the offer is very, very compelling," Cuban said. Landmark operates 63 locations with 296 screens, the largest U.S. chain dedicated to exhibiting independent films. Cuban built up Landmark from a bankrupt state after purchasing the company in 2003. Magnolia Pictures distribs indies for both theatrical and homevid, and pioneered releases on VOD prior to theatrical release. Distrib recently launched Uma Thurman starrer "Ceremony"; its best theatrical grosser to date is "Woman Thou Art Loosed" with $6.9 million domestically. Both are part of the Wagner/Cuban Companies, a vertically integrated group of media properties co-owned by Cuban and business partner Todd Wagner that also includes 2929 Productions, HDNet and HDNet Movies.
Contact Andrew Stewart at andrew.stewart@variety.com
Source: http://www.variety.com/article/VR1118035674?categoryid=4076&cs=1&cmpid=RSS%7CNews%7CLatestNews
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