Deadline is reporting that Netflix is in talks to buy the historic Egyptian Theatre in Hollywood.
The Egyptian Theater is currently owned by the American Cinematheque, which is an independent, non-profit organization dedicated to preserving and celebrating moving pictures. Even after Netflix's purchase, American Cinematheque will continue to be heavily involved (if the purchase closes).
According to Deadline, American Cinematheque would curate weekend programming, while the streamer would play its titles during the week, at least for the near future.
If Netflix does acquire the Egyptian Theatre, Deadline reports that the deal will accomplish the following:
- It will give Netflix a prime venue during Oscar season and other times of the year without having to get into the theater booking business,
- It will help guarantee a future for the landmark Egyptian (opened in 1922 and was host to numerous Hollywood premieres).
Insiders say the streamer would continue to play its original movies in other independent cinemas in Los Angeles, such as the Landmark (major circuits won't book a Netflix film, since the company doesn't honor the traditional theatrical window). Deadline also adds that during the fall and winter, Netflix could use the Egyptian for premieres.
Additional note: The pact does not involve the Aero Theatre in Santa Monica, where Cinematheque has a 10-year lease.
Deadline first reported the Egyptian sale talks.
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