Netflix Closes Deal to Buy Hollywood’s Egyptian Theatre

The acquisition represents a major milestone in Netflix’s effort to become part of the Hollywood filmmaking community. Major cinema chains like AMC and Regal had been reluctant to play films from the streaming service, since Netflix wouldn’t adhere to the same exclusive windows, usually consisting of 90 days, that other studios abide by. Now, Netflix has a venue to showcase its own content.

“The Egyptian Theatre is an incredible part of Hollywood history and has been treasured by the Los Angeles film community for nearly a century,” said Scott Stuber, head of Netflix Films. “We’re honored to partner with the American Cinematheque to preserve the theater’s storied legacy and continue providing remarkable film experiences for audiences. We look forward to

The facility was closed in 1992 and the American Cinematheque purchased the Egyptian from the city for $1 with the provision “that this historical landmark would be restored to its original grandeur and re-opened as a movie theatre showcasing the organization’s celebrated public programming.” It was re-opened in 1998 after Cinematheque completed a $12.8 million renovation.

In 2016, the Egyptian Theatre was retrofitted to begin screening 35mm nitrate film and is now one of only four theaters in the United States capable of showing the fragile and flammable film stock. Renovations by Netflix will include upgrading the equipment.

Glad it's going to live on

Well I hate this

SparkyMcSparks TheGregAlba

😯

IS this so their movies can get Oscar noms?

This is infuriating

Why?

this is sad

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