The high-end UK cinema chain Curzon has shifted ownership to Fortress Investment Group amid a complex debt situation. Charles Cohen‚ the US real-estate mogul lost control after defaulting on a substantial loan
The deal (valued near $5m) includes Curzons 16 venues‚ its movie distribution unit and home-streaming platform. Fortress which already owns brands like Majestic Wine stepped in following a NY courtʼs decision that forced Cohenʼs company to sell various assets due to a $534m loan default; heʼs also personally responsible for an extra $187m
Legal tensions increased when Cohen allegedly moved assets worth $70m including a $20m Greenwich house and four luxury-boats to different owners. The previous owner bought Curzon about 5 years ago right before covid-19 hit the theater business hard — making it tough to keep up with loan payments
The cinema chain‚ dating back to the 30s started as a single Mayfair location and grew into a respected art-house network. Its distribution arm launched around mid-70s brought major hits to UK viewers; while its forward-thinking streaming service started running about 14 years ago
Fortress managing-director Allison Swayze shared plans: the company will keep all 350-plus workers and wants to grow the chains presence. Theyʼre also working on new film releases and special events to boost the business