Amazon movie theaters? Tech giant vying to acquire Landmark chain, report says

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Today is not that day though, as Bloomberg reports that Amazon is one of several potential suitors in the running to acquire the Landmark Theaters chain of brick-and-mortar movie theaters. The owners of the chain have been working with investment banker Stephens Inc for a possible sale.

Landmark Theaters is known for its highbrow selection of films, peddling mainly independent and foreign movies on 255 screens at 50 locations in cities like New York, Los Angeles and Chicago.

The shares of other movie chains like AMC Entertainment Holdings Inc. and Cinemark Holdings Inc rose after an initial fall as investors saw this as Amazon trying to support the sector rather than disrupt it, according to Leo Kulp, an analyst with RBC Capital Markets LLC.

The company is owned by Wagner/Cuban Cos., backed in part by Mark Cuban, the billionaire Dallas Mavericks owner and "Shark Tank" television personality.

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Amazon declined to comment. Officials at Landmark couldn't be reached after normal business hours.

If Amazon does acquire Landmark, it would be the second time the online retail giant has snapped up a brick-and-mortar company, the first being Whole Foods a year ago. It opened its first brick-and-mortar bookstore in 2015 in Seattle and now has almost 20 around the country. That said, if Amazon makes it happen, it could be the first studio to also run its own theaters, as the government said last month that it is considering overturning a 70-year-old settlement blocking the integration of the two. The so-called Paramount decree may have prevented smaller films from getting wider distribution.

Back in April, Cuban told The Hollywood Reporter that he was in "no rush to sell", so this is far from a done deal.

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