Sony Pictures has acquired Alamo Drafthouse, the seventh-largest movie theater chain in North America. Alamo Drafthouse has 35 cinemas across the US. This is the first major acquisition of a theater chain by a studio since antitrust decrees from 1948 were lifted in 2020. Alamo Drafthouse filed for bankruptcy in 2021 due to the pandemic but was rescued by private equity. Sony Pictures sees this as a strategic move given the importance of theatrical experiences to studios. It makes Sony the first studio to own theaters again since the antitrust decrees directly.