Business

One Fix for Ailing Movie Theaters? Becoming Nonprofits.

Published

11 months ago

February 17, 2025

One Fix for Ailing Movie Theaters? Becoming Nonprofits.

Nicki Wilson was shocked when her local newspaper reported in March 2023 that the Triplex Theater, an independent four-screen movie house in Great Barrington, Mass., was shutting down after almost three decades in business.

The Triplex, the only theater in town, was a much-loved fixture, attracting moviegoers from all around the Berkshires, even on winter nights when not much else was open, Ms. Wilson said.

“I couldn’t imagine living in a town without a movie theater,” she said.

Ms. Wilson wasn’t the only one who felt this way, and after a communitywide campaign the Triplex reopened in November 2023 in a much different form. No longer is it dependent on ticket and popcorn sales. The Triplex has become a nonprofit organization relying on donations, grants and plenty of volunteer labor. And instead of leaning on the next Hollywood blockbuster, the Triplex focuses on what the community wants to see.

“In an independent theater, you can show what you want,” said Gail Lansky, vice president of the Triplex’s board. “You can show retrospectives. You can show foreign films. You can do film festivals. Free Saturdays for kids”

Certainly not all nonprofit theaters are doing well, but the model has worked, at least so far, in places like the Berkshires, where a devoted and well-heeled clientele is willing and able to support the arts. Two nearby nonprofit movie theaters in New York, the Moviehouse in Millerton and the Crandell Theater in Chatham, have attracted sizable fan bases. Across the country, more than 250 movie theaters are nonprofits, said Bryan Braunlich, executive director of the Cinema Foundation, a movie-industry group that provides research for cinemas.

“We are definitely seeing a trend of communities rallying around their local theaters,” he said.

And movie theaters have needed saving. Since 2019, the number of screens operating in the United States has declined 12 percent, to 36,369 as of 2023, said David Hancock, chief analyst in media and entertainment at the research firm Omdia. The popularity of at-home streaming over the past decade was a factor. Before the pandemic, audience numbers were already waning, but Covid nearly dealt the industry a death blow, as consumers got used to staying home and became pickier about what movies they went to a theater to see.

“People certainly came back, but much more slowly,” said the Triplex’s former owner, Richard Stanley. “Ultimately, I saw the handwriting on the wall and decided I had to close.”

When a theater shuts down in town, it’s not just a problem for film buffs. Because of their unique architecture, with sloped floors and few windows, they are hard to convert to other purposes and often leave prominent spaces empty.

Becoming a nonprofit allows theaters to draw on different revenue sources, like film festivals, and the hope is that a theater catering to the people of a town will build a loyal and supportive base.

This doesn’t happen overnight. That was the case with the Belcourt Theater in Nashville. A community group had raised millions of dollars to operate and renovate the 1925 movie palace, which briefly served as the main stage of the Grand Ole Opry.

“All of us who work in the theater remember the days when we’d show ‘Badlands’ to four people, and now we show ‘Badlands’ to 150 to 200 people,” said the Belcourt’s executive director, Stephanie Silverman, referring to the director Terrence Malick’s debut feature from 1973.

Those who rallied around the Triplex are hoping for the same. When the theater opened in 1995 on the site of a burned-down lumberyard, nearby shopping centers had sucked the life out of Main Street and Great Barrington was struggling economically, said Mr. Stanley, Triplex’s former owner.

Main Street is a very different place today, largely because of an influx of tourists and weekenders, and the Triplex “was a very pivotal, really core thing that brought people to town,” said Betsy Andrus, executive director of the Southern Berkshire Chamber of Commerce.

By 2023, two other multiplexes in the Berkshires, in Lanesborough and North Adams, had already shut down. But Ms. Wilson believed there was hope for the Triplex. She called Mr. Stanley to ask if there was some way to reopen the theater.

“I asked what we could do, and he said, ‘Well, pay me $1 million and you can buy the theater,’” she said.

Ms. Wilson didn’t have $1 million to spare, but she did have plenty of friends. In April 2023, she invited her neighbors to her living room to discuss saving the theater. The group, which called itself Save the Triplex, created a GoFundMe page and a website to raise money. The response was overwhelming, said Hannah Wilken, who had spent many weekends at the Triplex with her friends as a teenager and was involved with the fund-raising.

Even people who hadn’t been to the theater since before Covid felt a visceral connection to the place. “We just started getting inundated with people saying: ‘I want to help. I want to donate. Sign me up,’” Ms. Wilken said.

The actress Karen Allen, who owns a fiber-arts store in town, turned over memorabilia from “Raiders of the Lost Ark,” which she starred in, for an auction. A major boost came when the photographer Gregory Crewdson donated $225,000, after selling copies of a signed limited edition of his work.

Within a few months, the group had raised $246,000 — enough to pay the first year’s mortgage. Mr. Stanley liked the idea of keeping the Triplex alive as a nonprofit run by the town’s residents and gave Ms. Wilson’s group a five-year mortgage to buy the theater.

The campaign has benefited from the large and devoted Berkshires arts community, which regularly draws celebrities to town. Bill Murray showed up at the Triplex to discuss “The Life Aquatic With Steve Zissou,” the Wes Anderson film in which Mr. Murray played the title character, and Joan Baez was there for a showing of a documentary on her life. Arlo Guthrie discussed the 1969 movie “Alice’s Restaurant,” which had been filmed nearby. Not all the events have made money, but enough have done well to keep the Triplex going.

Movie theaters remain a dicey business, and for the Triplex to survive long term it will need a lot more money. The four screening rooms need major renovations. And although an active board oversees the theater’s operations, it had just two full-time paid employees until this month. (A third full-time employee starts later this month, and the theater also has part-time help including the people who sell tickets and popcorn.) Ms. Wilson, the board’s president, hopes to hire more people, but for now the theater still depends largely on volunteers.

“The challenges are real,” said Ms. Lansky, the board’s vice president. “Everybody knows that an independent theater cannot rely on tickets and concessions alone.”

Nonprofit theaters also tend to be a low priority for film distributors, Mr. Hancock of Omdia said. That means they can’t always show the latest Hollywood blockbuster and must find other ways to keep up audience enthusiasm and a continuing commitment from the community members to donate money and volunteer their time, he said.

“The model can work, but only if the cinema is valued by the local community,” Mr. Hancock added.

Still, those behind the Triplex’s revival believe an audience is out there. Sitting at home and watching movies on Netflix just isn’t the same thing, said Ben Elliott, the creative director at the theater and one of its few paid staff members.

Mr. Elliott grew up in Great Barrington and regularly visited the Triplex as a child. One of the things he missed during Covid was the sound of conversations in the lobby after a movie ended.

“Being together in a physical space is something that’s becoming rarer and rarer, and holding on to that, I think, is important for communities across the country,” he said. “It’s also, for us, the most viable way to keep a theater open.”

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Business

Versant launches, Comcast spins off E!, CNBC and MS NOW

Published

3 hours ago

January 6, 2026

Press Room

Versant launches, Comcast spins off E!, CNBC and MS NOW

Comcast has officially spun off its cable channels, including CNBC and MS NOW, into a separate company, Versant Media Group.

The transaction was completed late Friday. On Monday, Versant took a major tumble in its stock market debut — providing a key test of investors’ willingness to hold on to legacy cable channels.

The initial outlook wasn’t pretty, providing awkward moments for CNBC anchors reporting the story.

Versant fell 13% to $40.57 a share on its inaugural trading day. The stock opened Monday on Nasdaq at $45.17 per share.

Comcast opted to cast off the still-profitable cable channels, except for the perennially popular Bravo, as Wall Street has soured on the business, which has been contracting amid a consumer shift to streaming.

Versant’s market performance will be closely watched as Warner Bros. Discovery attempts to separate its cable channels, including CNN, TBS and Food Network, from Warner Bros. studios and HBO later this year. Warner Chief Executive David Zaslav’s plan, which is scheduled to take place in the summer, is being contested by the Ellison family’s Paramount, which has launched a hostile bid for all of Warner Bros. Discovery.

Warner Bros. Discovery has agreed to sell itself to Netflix in an $82.7-billion deal.

The market’s distaste for cable channels has been playing out in recent years. Paramount found itself on the auction block two years ago, in part because of the weight of its struggling cable channels, including Nickelodeon, Comedy Central and MTV.

Management of the New York-based Versant, including longtime NBCUniversal sports and television executive Mark Lazarus, has been bullish on the company’s balance sheet and its prospects for growth. Versant also includes USA Network, Golf Channel, Oxygen, E!, Syfy, Fandango, Rotten Tomatoes, GolfNow, GolfPass and SportsEngine.

“As a standalone company, we enter the market with the scale, strategy and leadership to grow and evolve our business model,” Lazarus, who is Versant’s chief executive, said Monday in a statement.

Through the spin-off, Comcast shareholders received one share of Versant Class A common stock or Versant Class B common stock for every 25 shares of Comcast Class A common stock or Comcast Class B common stock, respectively. The Versant shares were distributed after the close of Comcast trading Friday.

Comcast gained about 3% on Monday, trading around $28.50.

Comcast Chairman Brian Roberts holds 33% of Versant’s controlling shares.

Business

Ties between California and Venezuela go back more than a century with Chevron

Published

15 hours ago

January 5, 2026

Press Room

Ties between California and Venezuela go back more than a century with Chevron

As a stunned world processes the U.S. government’s sudden intervention in Venezuela — debating its legality, guessing who the ultimate winners and losers will be — a company founded in California with deep ties to the Golden State could be among the prime beneficiaries.

Venezuela has the largest proven oil reserves on the planet. Chevron, the international petroleum conglomerate with a massive refinery in El Segundo and headquartered, until recently, in San Ramon, is the only foreign oil company that has continued operating there through decades of revolution.

Other major oil companies, including ConocoPhillips and Exxon Mobil, pulled out of Venezuela in 2007 when then-President Hugo Chávez required them to surrender majority ownership of their operations to the country’s state-controlled oil company, PDVSA.

But Chevron remained, playing the “long game,” according to industry analysts, hoping to someday resume reaping big profits from the investments the company started making there almost a century ago.

Looks like that bet might finally pay off.

In his news conference Saturday, after U.S. Special Forces snatched Venezuelan President Nicolás Maduro and his wife in Caracas and extradited them to face drug-trafficking charges in New York, President Trump said the U.S. would “run” Venezuela and open more of its massive oil reserves to American corporations.

“We’re going to have our very large U.S. oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,” Trump said during a news conference Saturday.

While oil industry analysts temper expectations by warning it could take years to start extracting significant profits given Venezuela’s long-neglected, dilapidated infrastructure, and everyday Venezuelans worry about the proceeds flowing out of the country and into the pockets of U.S. investors, there’s one group who could be forgiven for jumping with unreserved joy: Chevron insiders who championed the decision to remain in Venezuela all these years.

But the company’s official response to the stunning turn of events has been poker-faced.

“Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,” spokesman Bill Turenne emailed The Times on Sunday, the same statement the company sent to news outlets all weekend. “We continue to operate in full compliance with all relevant laws and regulations.”

Turenne did not respond to questions about the possible financial rewards for the company stemming from this weekend’s U.S. military action.

Chevron, which is a direct descendant of a small oil company founded in Southern California in the 1870s, has grown into a $300-billion global corporation. It was headquartered in San Ramon, just outside of San Francisco, until executives announced in August 2024 that they were fleeing high-cost California for Houston.

Texas’ relatively low taxes and light regulation have been a beacon for many California companies, and most of Chevron’s competitors are based there.

Chevron began exploring in Venezuela in the early 1920s, according to the company’s website, and ramped up operations after discovering the massive Boscan oil field in the 1940s. Over the decades, it grew into Venezuela’s largest foreign investor.

The company held on over the decades as Venezuela’s government moved steadily to the left; it began to nationalize the oil industry by creating a state-owned petroleum company in 1976, and then demanded majority ownership of foreign oil assets in 2007, under then-President Hugo Chávez.

Venezuela has the world’s largest proven crude oil reserves — meaning they’re economical to tap — about 303 billion barrels, according to the U.S. Energy Information Administration.

But even with those massive reserves, Venezuela has been producing less than 1% of the world’s crude oil supply. Production has steadily declined from the 3.5 million barrels per day pumped in 1999 to just over 1 million barrels per day now.

Currently, Chevron’s operations in Venezuela employ about 3,000 people and produce between 250,000 and 300,000 barrels of oil per day, according to published reports.

That’s less than 10% of the roughly 3 million barrels the company produces from holdings scattered across the globe, from the Gulf of Mexico to Kazakhstan and Australia.

But some analysts are optimistic that Venezuela could double or triple its current output relatively quickly — which could lead to a windfall for Chevron.

The Associated Press contributed to this report.

Business

‘Stranger Things’ finale turns box office downside up pulling in an estimated $25 million

Published

1 day ago

January 5, 2026

Press Room

‘Stranger Things’ finale turns box office downside up pulling in an estimated million

The finale of Netflix’s blockbuster series “Stranger Things” gave movie theaters a much needed jolt, generating an estimated $20 to $25 million at the box office, according to multiple reports.

Matt and Ross Duffer’s supernatural thriller debuted simultaneously on the streaming platform and some 600 cinemas on New Year’s Eve and held encore showings all through New Year’s Day.

Owing to the cast’s contractual terms for residuals, theaters could not charge for tickets. Instead, fans reserved seats for performances directly from theaters, paying for mandatory food and beverage vouchers. AMC and Cinemark Theatres charged $20 for the concession vouchers while Regal Cinemas charged $11 — in homage to the show’s lead character, Eleven, played by Millie Bobby Brown.

AMC Theatres, the world’s largest theater chain, played the finale at 231 of its theaters across the U.S. — which accounted for one-third of all theaters that held screenings over the holiday.

The chain said that more than 753,000 viewers attended a performance at one of its cinemas over two days, bringing in more than $15 million.

Expectations for the theater showing was high.

“Our year ends on a high: Netflix’s Strangers Things series finale to show in many AMC theatres this week. Two days only New Year’s Eve and Jan 1.,” tweeted AMC’s CEO Adam Aron on Dec. 30. “Theatres are packed. Many sellouts but seats still available. How many Stranger Things tickets do you think AMC will sell?”

It was a rare win for the lagging domestic box office.

In 2025, revenue in the U.S. and Canada was expected to reach $8.87 billion, which was marginally better than 2024 and only 20% more than pre-pandemic levels, according to movie data firm Comscore.

With few exceptions, moviegoers have stayed home. As of Dec. 25., only an estimated 760 million tickets were sold, according to media and entertainment data firm EntTelligence, compared with 2024, during which total ticket sales exceeded 800 million.