Netflix Finalizes Deal to Buy Historic Egyptian Theater in LA
In its attempt to become a part of Hollywood’s film fraternity, Netflix has now purchased the historic Egyptian Theater in LA. The deal finalized on Friday would allow Netflix to run its own films in a theater which previously did not happen at other cinema chains.
The Egyptian Theater was opened in 1922 and remained the city’s property till 1992. It was then acquired by American Cinematheque which will now co-own the theater alongside Netflix.
“We’re honored to partner with the American Cinematheque to preserve the theater’s storied legacy and continue providing remarkable film experiences for audiences,” said Scott Stuber, head of Netflix Films.
The theater will continue to be “home of the American Cinematheque and the organization’s curation team will continue to autonomously program content over the weekend” Stuber further said.
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The Netflix Films head also shared that the online streaming service will invest in theater’s renovations, and it will hold “special events, screenings, and premieres during the week”.
Earlier cinema chains like AMC and Regal had declined to run Netflix’s films as the online streaming giant could not adhere to the exclusive 90-day show window. But with Egyptian Theater under its belt, Netflix has now the liberty to showcase its productions as per its own terms.
“We look forward to expanding programming at the theater in ways that will benefit both cinema lovers and the community,” said Stuber.
