Netflix in talks to buy Hollywood’s historic Egyptian Theatre

According to a report, the streaming giant — which saw success with “Roma” — would premiere exclusive films at the historic Egyptian Theater

Los Angeles /
Apr.April 10, 2019 10:26 AM
Netflix CEO Reed Hastings and the Egyptian Theater on opening day in 1922

Netflix may be killing the traditional movie industry, but the streaming giant now appears to be in talks to buy one of Hollywood’s most famous brick and mortar theaters.

The streaming giant is negotiating to acquire the landmarked Egyptian Theater on Hollywood Boulevard, according to Deadline. The owner is nonprofit group American Cinematheque.

The deal would reportedly allow American Cinematheque to run the Egyptian’s schedule on weekends, while Netflix would operate it on weekdays, including premieres of its exclusive films. Netflix saw recent box office success with its critically-acclaimed original movie “Roma.”

Sid Grauman opened the Egyptian in 1922, five years before he opened his more famous movie palace, the Chinese Theater, just around the block.

Because of its disruptor status, Netflix is still considered a threat by some in the industry. Hollywood titan Steven Spielberg took heat earlier this month for reportedly trying to block films that debut on streaming services from qualifying for an Academy Award.

Netflix has made a massive push to establish itself in Hollywood — both literally and figuratively. The company leases 458,000 square feet at Hudson Pacific Properties’ Sunset Bronson Studios and last fall expanded its footprint in Hollywood by 683,000 square feet with leases at HPP’s Epic office development and Kilroy Realty’s Academy on Vine project.

American Cinematheque screens historic and rare films. It also hosts popular festivals featuring talks with industry figures. The city of Los Angeles sold the theater to the group for $1 in 1996 with the understanding it would be restored and preserved. A deal would be a financial windfall for American Cinematheque and allow it to keep up operations at the Egyptian and the leased Aero Theater in Santa Monica. [Deadline]Dennis Lynch 


Related Articles

arrow_forward_ios
John Kilroy, chairman and CEO, Kilroy Realty (Getty Images, iStock)
Kilroy reps SoCal on Bloomberg gender-equality index
Kilroy reps SoCal on Bloomberg gender-equality index
Netflix co-CEOs Reed Hastings and Ted Sarandos and Raleigh Studios with Hackman Capital Partners CEO Michael Hackman and George Rosenthal of Raleigh Enterprises (Getty, Hackman Capital, Raleigh Studios)
Netflix gets lease, options on Raleigh Studios
Netflix gets lease, options on Raleigh Studios
Hines finds a Penney among $250M in SoCal buys
Hines finds a Penney among $250M in SoCal buys
Hines finds a Penney among $250M in SoCal buys
Marc DeLuca, chief executive officer and regional president, Eastern Region; Chuck J. Schreiber Jr., president and chairman (KBS)
Schreiber gives up corner office at KBS
Schreiber gives up corner office at KBS
AEG CEO Dan Beckerman and the Ritz-Carlton and JW Marriott hotels at the complex at 800 West Olympic Boulevard (Getty, Google Maps)
AEG looks to sell stake in LA Live hotels
AEG looks to sell stake in LA Live hotels
Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
Xebec looks to flip Sylmar industrial to self
Xebec looks to flip Sylmar industrial to self
The CitizenM hotel in Los Angeles (Booking)
California starts to refill hotel development pipeline
California starts to refill hotel development pipeline
Distress specialist buys Santa Barbara hotel
Distress specialist buys Santa Barbara hotel
Distress specialist buys Santa Barbara hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...