Published 21:15 IST, May 30th 2020
Netflix purchases Hollywood's iconic Egyptian Theatre; check details
Streaming giant Netflix recently closed the deal on purchasing Hollywood Egyptian Theatre where they will be showcasing their own titles. Read details.
Popular OTT platform Netflix has finalised a deal to buy the historic Egyptian Theatre of Los Angeles. The streaming giant has finally closed the deal and the transaction has reportedly been in works for over a year. The deal was majorly made for Netflix to enter the Hollywood filmmaking industry and compete with American Cinema chains.
Netflix closes deal on buying Hollywood's Egyptian Theatre
The need to become a part of the Hollywood filmmaking industry arose because American cinema chain like AMC and Regal refused to play from the streaming service because refused to adhere to the similar exclusive windows of about 90 days. Now, the platform has its own theatre to showcase their titles in.
“The collaboration will allow the American Cinematheque to expand the scope and diversity of programming while continuing the nonprofit’s mission to celebrate the experience of cinema as a moving art form,” Netflix said in a statement. They also clarified that the theatre will remain the home of the American Cinematheque and they will continue to programme the venue on weekends. The Cinematheque will also continue to operate a second historic theatre in Santa Monica.
The LA city Mayor Eric Garcetti said in a statement, “Love for film is inseparable from L.A.’s history and identity. We are working toward the day when audiences can return to theaters –– and this extraordinary partnership will preserve an important piece of our cultural heritage that can be shared for years to come”.
The theatre was closed down in 1992 and the American Cinematheque purchased it for $1 with the promise of restoring the landmark to its original grandeur. They also said that it will be reopened as a movie theatre for public programming. It was later reopened in 1998. In 2016, the theatre was retrofitted to begin screening in thin nitrate film, making it one of only four theatres in the US capable of showing the flammable film stock. The upgrades from Netflix will reportedly include upgrading the theatre’s equipment.
In conversation with a news portal over email, Cinematheque Chairman Rick Nicita said that the Cinematheque will continue to offer approximately the same amount of annual programs that they currently have. According to reports, the streaming giant plans to invest in the theatre's renovation and will use the new space for special events and screenings. The Egyptian theatre first opened in 1922 and the first film to be premiered there was Robin Hood.
Updated 21:15 IST, May 30th 2020