Mark Cuban’s days as owner of the Landmark Theatres have come to an end. Cuban and 2929 Entertainment partner Todd Wagner sold the collection of theaters to Cohen Media Group for an undisclosed figure.
Cuban and Wagner bought Landmark Theatres in 2003 under 2929 Entertainment. As reported by The Hollywood Reporter, the two have been looking to sell the chain of theaters since spring, and this was the first serious effort at shopping the company since an attempt in 2013. THR reports top-ranking executive staff will stay on in their positions within Landmark for the foreseeable future.
Cohen Media Group, owned by real-estate developer and film producer Charles S. Cohen, is a good fit for Landmark Theatres, as the primary focus of Cohen Media is the production and distribution of independent and avant-garde films. Cohen also has a strong concentration of foreign distribution, creating a catalog of films that don’t typically play at the large theaters without award buzz granting them entry.
For Cuban and Wagner, it doesn’t appear this will affect other aspects of 2929 Entertainment, nor is this sale of Landmark necessarily a declaration they are exiting the movie business.
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“The Magnolia and Inwood will be in great hands,” Cuban tells us via email. “This won’t change anything for our other content plays. It was just time to sell. Landmark will be part of a global organization with great management. So indie film will live on and do well.”
The Landmark Theatres are a far cry from the chains such as AMC or Cinemark. The two Dallas Landmark Theatres are The Magnolia in West Village and the Inwood. Both theaters play an assortment of commercially attractive features, but the allure of each theater is the independent films and special screenings they offer for those seeking comic book movie asylum.
Founded in 1973, Landmark Theatres have grown to be the largest chain of theaters that specialize in screening and providing a home for independent and foreign films. Landmark has a national presence, from its namesake location in Los Angeles, to locations in New York, Washington, D.C., and throughout the U.S. Spread out to 27 markets with 252 screens in 52 theaters, the chain will serve as a large reminder of Cohen’s presence in film distribution.