The world of arthouse cinema was rocked this week by the surprise acquisition of the esteemed Curzon cinema chain by an unexpected suitor – Fortress Investment Group, the US private equity firm best known in the UK as the owner of discount retailer Poundstretcher. The iconic British institution, which has been a beacon for cinephiles since 1934, now finds its future entwined with the fortunes of its new American owner.
According to inside sources, Fortress sealed the deal for an undisclosed sum, acquiring Curzon’s 16 locations across the UK along with its distribution arm and streaming platform. The sale comes on the heels of legal troubles for Curzon’s former parent company, Cohen Media Group, which was compelled by a New York court to auction off assets after defaulting on a substantial loan from Fortress.
A Storied History
Curzon has long been a trailblazer in the UK film scene, with a legacy of bringing groundbreaking international cinema to British audiences. Its flagship Mayfair location, which narrowly escaped closure in 2016 due to a noise complaint from a neighboring property developer, remains a London landmark nearly a century after its founding.
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.
Allison Swayze, Managing Director at Fortress
In recent years, Curzon has ambitious expanded its footprint with new cinemas in trendy London neighborhoods like Hoxton and Camden, as well as regional outposts in Kingston and Canterbury. The chain was also an early adopter of streaming, launching its Curzon Home Cinema platform back in 2010 and boldly embracing Netflix releases at a time when other exhibitors viewed the upstart streamer as an existential threat.
An Unlikely Pairing
News of the Fortress acquisition sent shockwaves through the film industry, with many struggling to picture the scrappy yet chic Curzon under the same corporate umbrella as Poundstretcher, the bargain chain best known for selling deeply discounted household goods in decidedly unglamorous surroundings. Fortress’s other recent acquisitions in the UK, which include Majestic Wine and the Punch Pubs group, seemed scarcely more simpatico.
Yet Fortress has moved swiftly to allay concerns, insisting that the deal will preserve jobs for Curzon’s 350 employees while allowing the chain to maintain its distinctive film slate and viewing experience. Managing director Allison Swayze hailed Curzon’s “dedicated team” and affirmed Fortress’s commitment to helping the company “continue to offer film fans a range of independent and blockbuster movies both in cinema and at home.”
Challenges Ahead
Still, questions linger over Curzon’s future in a rapidly evolving film landscape. Though its early embrace of streaming was prescient, Curzon now faces intense competition from a host of deep-pocketed digital rivals, from Netflix and Amazon to specialist services like MUBI and the Criterion Channel. Robust online offerings have only become more crucial in the wake of the COVID-19 pandemic, which has decimated theatrical attendance worldwide.
Closer to home, Curzon must also contend with larger cinema chains like Cineworld and Odeon, which have increasingly muscled into the arthouse space with upmarket sub-brands like Picturehouse and Odeon Luxe. Whether Fortress, with its focus on distressed assets and discount retail, will provide the resources Curzon needs to maintain its distinctive identity and weather the challenges ahead remains to be seen.
A Curzon by Any Other Name
For generations of film lovers, the Curzon name has been synonymous with excellence and eclecticism in film programming, a portal to a world of daring visions and transformative cinematic experiences far beyond the multiplex. As moviegoers await the next act in its long-running drama, many will be watching anxiously to see if this cherished cultural institution can retain its soul under the ownership of its unlikely new American steward.
In a film industry increasingly dominated by conglomerates and superheroes, the fate of Curzon may offer a glimpse into the future of arthouse cinema itself. Can a model built on curation, community, and a quixotic devotion to the cinematic arts survive in an algorithmically optimized age? The credits have yet to roll on this most curious of corporate blockbusters.
