Developer Charles Cohen cuts deal to buy Landmark Theatres
The indie chain is estimated to be worth $175 million
Billionaire real estate developer and film aficionado Charles Cohen has just closed a deal to purchase Landmark Theatres, a chain of art-house cinemas.
Investors Mark Cuban and Todd Wagner sold the 52-theater portfolio for an undisclosed price, the Los Angeles Times reported. They had been trying to sell the Landmark on and off for several years.
Landmark Theatres–an indie chain that specializes in foreign and independent films–can be found in 27 cities, including L.A., New York, Denver and San Francisco. There are three locations in L.A., with its flagship found inside the Westside Pavilion.
Amazon was believed to be a top contender for the chain over the summer. An estimate from Deadline Hollywood pegs the value of the theaters, which typically include lounges, at about $175 million.
Through his media company, Cohen Media Group, Cohen distributes art-house films including the award-winning “The Salesman” and “Timbuktu.” Earlier this year, two of his other films were nominated for Academy Awards. He’s also taken to buying up and restoring theaters in New York, such as the quaint Quad Cinema in the Greenwich Village.
Cohen serves as chairman and CEO of Cohen Brothers Realty Corp., which owns and manages more than 12 million square feet of space across the country. In L.A., the firm holds the Pacific Design Center in West Hollywood in its portfolio.
He has a net worth of $3.4 billion, according to Forbes. [LAT] – Natalie Hoberman