Former Curzon head Philip Knatchbull is set to return to the UK arthouse cinema chain and distributor as interim executive chairman following the company’s acquisition by US firm Fortress Investment Group.
Edward Fletcher, who joined the company as CEO in November 2023, has left after spending a year in the role.
Charles S. Cohen’s US company Cohen Media Group acquired Curzon in late 2019. Knatchbull stepped down in November 2023 having helmed the company for 17 years.
Former Soda Pictures executive Fletcher took over on November 15, 2023.
Earlier this year, Fortress sued billionaire Cohen – also the head of Cohen Brothers Realty – alleging he had defaulted on a $534m loan. A New York Supreme Court judge ruled earlier this month Fortress could proceed with an auction to sell property assets put up as collateral against the loan, including Curzon in the UK and Landmark in the US.
Fortress was the only bidder for Curzon, acquiring the company for $5m.
According to The Real Deal property publication, there were no bids for Landmark, which it is understood will remain with Cohen.
Knatchbull told Screen it is “days” since conversations began about his return to the business, and he is unable to comment yet on potential future restructuring of the business.
“Fundamentally, Curzon is stable,” said Knatchbull.
Curzon operates 16 cinemas and 46 screens in the UK, as well as distributor Curzon Film and the Curzon Home Cinema streaming service.
On the distribution side of the business, Knatchbull noted: “I’m first and foremost a film and cinema lover. When I was previously building up the company, distribution and streaming were an incredibly important part of the future. At the moment, I need to talk to the new owners and understand what their thinking is.”
Knatchbull, who has spent the past year writing a book, travelling and making plans to start up a company, is not ruling out a more permanent return to Curzon. “That depends on what happens in the next few weeks… It’s an unexpected turn of events and I’m still working it out. Obviously, I feel very close, I have a lot of history with Curzon. More importantly, I can see opportunities with the team that I fundamentally put in place many years ago. I trust them. They’re excellent.”
A statement from Fortress managing director Allison Swayze sent to Curzon employees that Screen has seen, said: “I’m excited to share that Philip Knatchbull will be returning to Curzon as Interim Executive Chairman. You’ll see Philip in the office as early as later this week.
“As a familiar face to many of you, I know you’ll join me in welcoming him back to the Curzon family and I know he’s excited to reconnect with you all.
“Philip is incredibly passionate about Curzon and its important role in the wide world of cinema. He will be working with everyone at Curzon and me to help accelerate delivery of the many exciting projects currently in progress, and ensure that Curzon is set up for the best possible future.
“I also wanted to let you know that Ed Fletcher will be leaving Curzon. Ed has shown great commitment to the company over the past year, and I want to thank him for his important contributions. Please join me in wishing him the very best for the future.”
It is understood HanWay Films, which was acquired by Cohen Media Group in 2022, has not been affected by the Fortress acquisition, and remains owned by Cohen Media Group.
No comments yet