U.S. Billionaire Charles Cohen Loses Iconic U.K. Cinema Chain Curzon to Fortress Investment Group

Billionaire Charles Cohen has sold his famous British arthouse cinema chain, Curzon, to the U.S. private equity firm Fortress Investment Group. The deal encompasses Curzon's 16 cinemas across the United Kingdom, a film distribution company, and an online streaming service. It marks the end of ownership by Cohen, who started in December 2019 when his Cohen Media Group purchased the company.

Curzon has been one of the leading cinema operators in Britain for decades through its independent and award-winning output. The company is traced back to 1934, when entrepreneur Harold Wingate opened the very first Curzon cinema in the heart of London's Mayfair district. It established a strong reputation for importing and running foreign-language films, becoming a cultural landmark in Britain for cinema fans.

Fortress Investment Group, an organization operating under $48 billion of assets, is confident about Curzon's future. According to managing director Allison Swayze, the organization is keen on supporting Curzon's goal of connecting audiences through a diverse film offering. The acquisition of Curzon will save the jobs of over 350 employees as Fortress plans to expand the network of cinemas and the company’s product range.

Curzon has been increasing its market footprint over the last few years, with new locations in Hoxton, Camden, Kingston upon Thames, and Canterbury. Fortress aims to continue this growth strategy, strengthening the chain’s presence in both urban and suburban areas.

The sale occurred during financial difficulties for Charles Cohen, one of New York’s prominent real estate investors. Cohen, who joined his family business Cohen Brothers Realty in 1979, expanded his wealth through the acquisition of uptown office buildings and the development of design centers in multiple cities. However, the COVID-19 pandemic sharply reduced rent collections, leaving his real estate portfolio struggling. Cohen faced a $534 million loan default, prompting Fortress to file a lawsuit. A New York state supreme court judge ruled earlier this year that part of Cohen’s assets be auctioned to settle the debt. Despite attempts to refinance the loan, selling Curzon became an unavoidable step to address his financial crisis. Fortress and Cohen Media Group declined to comment on the matter.

The takeover of Curzon by Fortress reflects the private equity firm’s growing interest in cultural and entertainment assets. Founded in 1998, Fortress underwent its own transformation when Abu Dhabi’s Mubadala investment arm acquired a majority stake from Japan’s SoftBank for $3 billion in May. Since then, Fortress has sought resilient, long-term assets like Curzon, valued for its loyal customer base and unique cultural significance in the U.K.

While Cohen’s exit marks the end of an era for Curzon, Fortress’s leadership is committed to maintaining the chain’s relevance in the independent cinema market. From its historic venues to modern expansions and digital streaming capabilities, Curzon promises to thrive under its new ownership. With a blend of independent gems and blockbuster hits, the chain is poised to continue captivating U.K. cinema audiences.

Despite recent hardships, Curzon’s legacy as a cornerstone of Britain’s film culture endures. From its beginnings in Mayfair to its extensive network of cinemas and online streaming platform, Curzon represents resilience in the face of industry changes. Under Fortress’s stewardship, the next chapter in Curzon’s story promises stability, growth, and the continued celebration of cinema’s richness for nearly a century.