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# 1951 RCA

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Los Angeles—Sep 24, 2003

2929 Entertainment Announces Acquisition of Landmark Theatres

Deal will facilitate 2929’s goal to aggressively leverage ability to produce films, promote and display them on HDNet and HDNet Movies and exhibit them at Landmark Theaters
Todd Wagner, Co-Founder and Chief Executive Officer of 2929 Entertainment, announced his company has entered into an agreement to acquire the parent company of Landmark Theaters, the nation's largest art-house theater chain, from investment funds and accounts managed by Oaktree Capital Management, LLC. Upon closing of the transaction, Wagner and his partner Mark Cuban will assume ownership of the parent company of the Los Angeles based chain. It is expected that the current management team at Landmark will remain in place after the closing. The transaction is scheduled to close in October subject to customary regulatory approvals and closing conditions.

“This transaction further enhances 2929 Entertainment’s presence in the industry,” says Wagner. “2929 Entertainment is now able to expand our development and acquisition efforts and create a vertical industry presence. Our goal is to aggressively leverage our ability to produce our own films, promote and display them on HDNet and HDNet Movies and exhibit them at Landmark. We think this acquisition provides a unique opportunity to make a significant impact in the art and independent film, HDTV production and digital exhibition communities.”

After selling Broadcast.com, the Internet company that he and Cuban founded, for $5.7 billion to Yahoo! Inc. in 1999, Wagner created 2929 Entertainment to leverage his expertise in digital technology and his passion for the entertainment business. In November, 2001, 2929 acquired Rysher Entertainment and its substantial film and television programming library, including various rights to such shows as "Hogan's Heroes," Sex and the City," and "Star Search.” A new version of “Star Search” co-produced by 2929 Entertainment, premiered in January 2003 to strong ratings. A second season of Star Search will launch in January 2004 on CBS.

2929 Entertainment co-financed the film, "Searching for Debra Winger," which was honored at the Cannes Film Festival in 2002. The company is currently in post-production on two films. "Godsend," starring Robert DeNiro and Greg Kinnear is a co-production with Lions Gate. The second film, "Criminal," is a co-production with Steven Soderbergh's Section 8 production company. Directed by frequent Soderbergh collaborator Greg Roberts, the film stars recent Oscar nominee John C. Reilly. Warner Brothers will release the film. It is expected that 2929 Entertainment will continue to acquire content and partner with movie studios and other industry leading partners on film and television projects.

In addition to 2929 Entertainment's extensive library and production capabilities, Wagner and Cuban are also partnered in HDNet, an all-high definition national television network. HDNet, the leader in high-definition broadcasting, produces and televises more hours of original HDTV entertainment, news and sports programming than any other network. Its two 24/7 networks, HDNet and HDNet Movies, are currently available on DIRECTV, DISH Network, Charter Communications, Insight Communications, and other cable companies affiliated with the National Cable Television Cooperative (NCTC).

2929 Entertainment also holds interests in Magnolia Pictures, a Denver-based movie exhibition company and Lion's Gate Entertainment; a global entertainment company whose recent releases include the Oscar-winning "Monster's Ball," "Frailty," and "Confidence.” Landmark Theaters, the nation’s largest art house chain, features first run independent and foreign films, restored classics and non-traditional studio fare in 54 theaters representing 185 screens in 14 states. Known for its successful grass roots marketing style, the chain was founded in Los Angeles in 1974.

Oaktree Capital Management, LLC is a Los Angeles based investment management firm with approximately $27.5 billion of assets under management from primarily private and public pension plans, private and educational foundations and endowments, insurance companies and private clients.
About Landmark Theatres: Landmark Theatres has 52 theatres in 21 markets across the country and is a recognized leader in the industry providing diverse and entertaining films in a sophisticated adult-oriented atmosphere with unsurpassed customer service.  Landmark Theatres is part of the Wagner/Cuban companies, a vertically-integrated group of media properties co-owned by Todd Wagner and Mark Cuban that also includes Magnolia Pictures, Magnolia Home Entertainment, 2929 Productions, AXS TV and HDNet Movies. Landmark Theatres Directory page
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