Netflix in Talks to Acquire Historic Egyptian Theatre From American Cinematheque
Netflix is getting into the movie theater business.
The streaming giant has entered into talks with American Cinematheque to buy the historic Egyptian Theatre on Hollywood Blvd. On its face, this looks like the most recent step in Netflix’s overarching plan to garner a warmer welcome by the film industry, since many in Hollywood still have concerns about Netflix’s effect on the movie—and specifically the movie theater—business.
Deadline first broke the news on Netflix’s plan to buy the Egyptian Theatre. Netflix is hoping this move will raise their profile in the Hollywood community while showing they’re more than just a streaming service. Per the story:
Both parties look at this as something of a partnership, sources said. Netflix will program its screenings for weekday nights while the Cinematheque runs screenings, lectures and occasional festivals on weekends on an autonomous basis. The organization will be able to expand its programming with the financial resources from this deal. Netflix will hold occasional special screenings and events for some of its splashiest movie launches.
The Egytpian has been around since the 1920s, and served as the site of Hollywood’s first movie premiere for 1922’s ‘Robin Hood.’