Mark Cuban Sells Netflix-Friendly Landmark Theatres

Landmark Theatres, the Los Angeles-based independent exhibitor with 252 screens in 27 markets nationwide, Dec. 4 disclosed it has been acquired by the Cohen Media Group (CMG) for an undisclosed amount.

Co-owned since 2003 by Mark Cuban (“The Shark Tank” and owner of the NBA’s Dallas Mavericks) and Todd Wagner, Landmark has pushed indie film distribution and wasn’t afraid to partner with subscription ticket service MoviePass or screen Netflix movies – including recent release Roma– day-and-date with their global streaming debut.

CMG, formed in 2008 by real estate developer Charles Cohen – a film buff and executive producer on Oscar-nominated Frozen River, starring Melissa Leo, the company has restored hundreds of films, and distributes titles via Amazon’s Cohen Media Channel and on disc through Sony Pictures Home Entertainment.

“Anyone who knows Charles knows he is an avid lover of art and cinema, and this deal to purchase Landmark serves so many of his true passions and interests,” Landmark CEO Ted Mundorff said in a statement. “By acquiring our chain, he as supercharged and scaled his distribution footprint in the arthouse sector.”

Mundorff reportedly will remain CEO of Landmark along with the chain’s management going forward.

“As we complete the sale, we expect the transition between owners to be smooth and seamless with little or no impact to customers,” Wagner and Cuban said in a statement.