UK arthouse cinema chain, distribution company and streaming platform Curzon has been bought by the US’ Fortress Investment Group for $5m.
Curzon has been owned by Charles Cohen’s distribution and production company Cohen Media Group since December 2019.
In a statement, Fortress said the acquisition would secure the jobs of Curzon’s more than 350 employees.
“Curzon is an iconic film company, with global recognition for its long legacy of releasing and connecting independent and critically acclaimed films to UK audiences,” said Allison Swayze, managing director at Fortress. “We’re pleased to acquire Curzon, and bring our support to the company’s dedicated team. Curzon has exciting near-term plans which include expanding its cinema footprint, and delivering awards and release plans for an exciting slate of films.
”Our acquisition secures the jobs of more than 350 employees, and helps Curzon continue to offer film fans a range of independent and blockbuster movies both in cinema and at home.”
Curzon, of which London-based Ed Fletcher has been CEO since November 2023, taking over from Philip Knatchbull, operates 16 cinemas and 46 screens in the UK, as well as distributor Curzon Film and the Curzon Home Cinema streaming service.
It is riding high with the release of Rich Peppiatt’s Kneecap, which has grossed over £2m at the UK and Ireland box office and garnered 14 Bifa nominations.
Upcoming releases include awards hopefuls Flow and Julie Keeps Quiet.
What is Fortress?
US firm Fortress Investment Group sued Curzon owner Cohen – the billionaire head of Cohen Brothers Realty – earlier this year, alleging he had defaulted on a $534m loan. Last week a New York Supreme Court judge ruled Fortress could proceed with an auction on November 8 to sell property assets put up as collateral against the loan.
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.
In the auction, Fortress also bought the Design Center of the Americas and Le Meridien hotel in Florida and a golf club in New York.
According to The Real Deal, in a deposition Fortress made public last month, Cohen did not disagree with statements that Landmark showed a net loss of more than $14m and Curzon of just under $8.5m, and that the value of Landmark in particular had fallen dramatically.
Fortress was also a lender to Vice Media Group, which filed for Chapter 11 bankruptcy in May 2023. It was subsequently acquired by lenders Fortress and Soros Fund Management.
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