Mark Cuban Puts Landmark Theatres, Magnolia Pictures Up for Sale
"We want to see how the market values the business," he says. "If it undervalues it, we won't sell."
Mark Cuban has put art house movie theater group Landmark Theatres and independent film distributor Magnolia Pictures on the auction block to explore a possible sale.
Both are part of 2929 Entertainment, a holding company for Cuban's and partner Todd Wagner's media assets, which also include the HDNet cable network and HDNet Movies.
Cuban told Bloomberg that some entertainment companies have been attracting "huge valuations," leading him to explore a possible opportunistic sale.
In an email to The Hollywood Reporter, he emphasized that he still feels the companies are "a great business" and the he is "just testing the market." He lauded Landmark as "the only national chain that can enable day and date or earlier VOD."
"There are quite a few bidders interested, and that could be very good for us," according to Cuban. "We want to see how the market values the business. If it undervalues it, we won't sell."
Moelis & Co., a New York-based investment bank, is handling the auction, with bidders expected to submit offers next week, according to Bloomberg.
Founded in 1974, Landmark Theatres operates 55 cinemas with 245 screens in 21 cities, including New York, Los Angeles and Chicago.