Sony Pictures Entertainment is investing $100 million in Cosm, an operator of large-screen theatres that show films and sporting events.
Ravi Ahuja, chief executive officer of Sony Pictures, will join Cosm’s board as part of the agreement, according to an announcement Wednesday.
Founded in 2020, Cosm serves food and offers seating that includes high-top tables and booths designed create a more social theater experience. The giant, curved screens, are supposed to make guests feel like they’re immersed in the action. Cosm currently has venues in Hollywood Park, North Dallas and downtown Atlanta. The company aims to open a new venue in Detroit in September and Cleveland early next year, with more domestic and international locations to follow, according to the statement.
Comcast Corp.’s NBCUniversal media and sports unit previously struck a deal to screen Premier League soccer matches and Big Ten football games at Cosm’s theatres in Los Angeles and Dallas. Cosm has also screened movies including The Matrix, Willy Wonka & the Chocolate Factory and Harry Potter and the Sorcerer’s Stone, all distributed by Warner Bros. Discovery Inc.’s film studio.
An investment by Sony Pictures, a unit of Japan’s Sony Group Corp. that is home to the Spider-Man and Jumanji franchises, follows several recent initiatives by Hollywood studios to partner with companies offering innovative spins on the business of movie theatres.
Sphere Entertainment Co., which operates an enormous dome structure with a wraparound screen built for more than $2 billion in Las Vegas, has hosted live concerts by U2 and the Eagles and aired films including The Wizard of Oz and Darren Aronofsky’s Postcard From Earth.
In 2024, Sony acquired the Alamo Drafthouse theatre chain, which offers dining for moviegoers during screenings. And shares of Imax Corp., which licenses its big-screen technology to cinema chains, have soared in recent months, buoyed by record revenue being generated at the global box office.
Cosm, based in Los Angeles and led by CEO Jeb Terry, raised $250 million in 2024 from backers, including Cleveland Cavaliers owner Dan Gilbert and financier Marc Lasry.
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