US-based Fortress Investment Group has acquired º£½ÇÊÓƵ arthouse cinema chain Curzon. The deal, for an undisclosed sum, encompasses the firm's cinemas, film distribution company and online streaming service.
This acquisition is the latest in a series of purchases of º£½ÇÊÓƵ companies by US buyers, driven by a strong dollar and low British valuations over recent years. In 2023, US private equity firms bought 181 º£½ÇÊÓƵ businesses, marking a 35 per cent increase from the previous year, as reported by .
Managing $48bn (£37.5bn) in assets for 2,000 clients, Fortress plans to aid Curzon's expansion of its cinema footprint and advance its awards and release plans. Operating since the early 1930s, Curzon was a pioneer of foreign language films in the º£½ÇÊÓƵ and is known for high-quality independent films.
These include the critically-acclaimed Irish music film Kneecap, which grossed over £2m at the º£½ÇÊÓƵ and Ireland box office and recently received 14 nominations from the British Independent Film Awards. Alice Rohrwacher's Italian comedy-drama La Chimera also grossed over £930,000 for Curzon Film.
Upcoming films include Flow and Julie Keeps Quiet, representing Latvia and Belgium respectively at the Oscars.
Curzon has notably increased its cinema footprint in recent years, opening new venues in Hoxton, Camden, Kingston-upon-Thames, and Canterbury.
The company now runs 16 cinemas, totalling 46 screens across the º£½ÇÊÓƵ, in addition to their film distribution arm, Curzon Film, and the Curzon Home Cinema streaming platform.
Launched in 2010, Curzons streaming service currently reaches an audience of 6.5 million households and is set to be taken over by Fortress.
Allison Swayze, managing director at Fortress, remarked: "Curzon is an iconic film company, with global recognition for its long legacy of releasing and connecting independent and critically acclaimed films to º£½ÇÊÓƵ audiences."
"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".
