Rumor mill: Following the opening of its bookstores, Amazon Go cashier-less convenience stores, and the acquisition of Whole Foods, Amazon is reportedly looking to expand its physical operations even further. According to Bloomberg, the company is considering buying Landmark Theatres.
With over 50 theaters in locations including New York and LA, the chain, which focuses on independent and foreign films, has been working with investment banker Stephens Inc. to evaluate offers from other interested buyers, claims Bloomberg’s anonymous sources.
Landmark Theatres is owned by Wagner/Cuban Cos, which is partly backed by the billionaire owner of the Dallas Mavericks and Shark Tank panelist, Mark Cuban.
Amazon already has its own film and TV studios and now releases some of its movies in theaters before they arrive on Amazon Prime, so attempts to acquire a chain of physical theaters doesn’t come as too much of a surprise.
Back in April, reports claimed that Netflix was also considering buying physical movie theaters. The streaming giant had looked into purchasing the Landmark Theatres in Los Angeles but decided against any deal as the price was reportedly too high.
While Bloomberg says no final decision on a sale has been made, and that nothing might come from the talks with Amazon, movie chain stocks have fallen on the back of the news. AMC Entertainment shares dropped 2.2 percent earlier today, while Cinemark's stock fell 0.8 percent.
Amazon and Landmark Theatres have declined to comment on the story.