Amazon may buy Landmark Theaters including The Crest

2017 Crest marquee
Photo by Steven H. Robinson

According to a story in The Seattle Times, 

Amazon is in the running to acquire Landmark Theaters, a move that would vault the e-commerce giant into the brick-and-mortar cinema industry, according to people familiar with the situation.

Landmark owns the local and beloved Crest Cinema Theatre in Ridgecrest at 5th NE and NE 165th as well as 51 other theaters, most of which are art houses.

Pushing into movie theaters would follow Amazon’s expansion into myriad other forms of media, including a film and TV studio and music service.

“This is probably a move to get broader distribution of film content,” said Leo Kulp, an analyst with RBC Capital Markets. “Netflix had been discussed as a potential buyer of Landmark for a similar reason.”

Crest patrons have already weathered several changes of ownership. Seven Gables bought the Crest and updated the screen. Landmark bought the Seven Gables theaters. Landmark is headquartered in Los Angelos and currently owned by Mark Cuban and Todd Wagner.

The possible move was viewed positively by investors, who saw it as a sign that Amazon wasn’t looking to disrupt moviegoing and was supportive of the theatrical experience, Kulp said.