The Colony Theater on Six Forks Road will close in late December, owners Ambassador Entertainment announced Tuesday.
Since 1989, the theater has been showing art house and independent films.
"Moving forward, consolidating resources allows us continuing upgrades to the Rialto Theatre," Ambassador owner Bill Peebles said. "The Rialto opened in 1942, received a complete re-model in the late 90s, and is now due for a refresh."
Ambassador's other locally owned theaters, Mission Valley and Six Forks cinemas, will remain open.