Mavericks owner, partner, buy nationwide art house theatre chain
Chris Roberts, AP Wire
Issue date: 9/25/03 Section: State News
- Page 1 of 1
DALLAS (AP) _ Dallas Mavericks owner Mark Cuban, whose holdings in the entertainment industry continue to grow, has teamed up with his frequent business partner to buy Landmark's 55 art house theaters nationwide, sources close to the sale confirmed Tuesday.
Cuban and partner Todd Wagner will own equal shares of the Landmark Theatre chain, which has been for sale since 2001. Wagner will become Landmark's chief executive officer. Wagner is expected to release a statement when the deal is finalized, which is scheduled to happen next Tuesday. The sale price was not disclosed.
Cuban and Wagner made their mark in Dallas as co-founders of Broadcast.com Inc., one of the biggest success stories of the dot-com boom. Yahoo Inc. bought the Dallas startup in 1999 for nearly $6 billion.
Within months, Cuban bought the Mavericks from Ross Perot Jr. in a transaction that valued the team at $280 million. Wagner, meanwhile, invested in South Dallas businesses and worked with inner-city children.
Cuban and Wagner also share investments in Rysher Entertainment, a major film library; Magnolia Pictures of Dallas, which aims to set up a distribution chain for art house films; and Immortal Entertainment, a new California production company.
Cuban's interest in entertainment and technology deepened when he formed HDNet, a high-definition programming source now available through DirecTV.
Besides expecting an upcoming boom in high-definition television, Cuban also is investigating whether some TV shows can be converted to the sharper viewing high-definition format _ namely ``Hogan's Heroes,'' ``Lifestyles of the Rich and Famous'' and ``Nash Bridges,'' all shows for which he owns the rights.
The Landmark Theatre chain hit problems when, in 2000, its parent company, Dallas-based Silver Cinemas International Inc., filed for Chapter 11 bankruptcy. The troubled chain was later part of an $80 million sale to Toronto-based Onex Corp., the parent company of Loews Cineplex. The deal fell apart, however, when antitrust concerns made the merger doubtful.
Landmark Theatres, the nation's largest art-house chain, features first-run independent and foreign films, restored classics and non-traditional films in 54 theaters representing 185 screens in 14 states, the company said.
Cuban and partner Todd Wagner will own equal shares of the Landmark Theatre chain, which has been for sale since 2001. Wagner will become Landmark's chief executive officer. Wagner is expected to release a statement when the deal is finalized, which is scheduled to happen next Tuesday. The sale price was not disclosed.
Cuban and Wagner made their mark in Dallas as co-founders of Broadcast.com Inc., one of the biggest success stories of the dot-com boom. Yahoo Inc. bought the Dallas startup in 1999 for nearly $6 billion.
Within months, Cuban bought the Mavericks from Ross Perot Jr. in a transaction that valued the team at $280 million. Wagner, meanwhile, invested in South Dallas businesses and worked with inner-city children.
Cuban and Wagner also share investments in Rysher Entertainment, a major film library; Magnolia Pictures of Dallas, which aims to set up a distribution chain for art house films; and Immortal Entertainment, a new California production company.
Cuban's interest in entertainment and technology deepened when he formed HDNet, a high-definition programming source now available through DirecTV.
Besides expecting an upcoming boom in high-definition television, Cuban also is investigating whether some TV shows can be converted to the sharper viewing high-definition format _ namely ``Hogan's Heroes,'' ``Lifestyles of the Rich and Famous'' and ``Nash Bridges,'' all shows for which he owns the rights.
The Landmark Theatre chain hit problems when, in 2000, its parent company, Dallas-based Silver Cinemas International Inc., filed for Chapter 11 bankruptcy. The troubled chain was later part of an $80 million sale to Toronto-based Onex Corp., the parent company of Loews Cineplex. The deal fell apart, however, when antitrust concerns made the merger doubtful.
Landmark Theatres, the nation's largest art-house chain, features first-run independent and foreign films, restored classics and non-traditional films in 54 theaters representing 185 screens in 14 states, the company said.