Netflix is poised to join the theater game, if only by *that* much. According to Deadline, the streaming service is in early talks to acquire the famed Egyptian Theatre from American Cinematheque. Cinematheque has owned the theater since 1992.
A Hollywood Landmark, the Egyptian was opened in 1922 by Sid Grauman. It was built to mirror the architecture of ancient Egypt, hence the name. The first film played at the theater was Robin Hood starring Douglas Fairbanks, Wallace Berry, and Sam De Grasse. It was later closed in 1992, then American Cinematheque bought the theater for $1 on the condition that it would be restored. So, six years and $12.8 million later, the theater was reopened fully restored to its original condition.
Should a deal be made, it’s unclear how it would be structured. But, Cinematheque would likely continue their involvement with the theater by holding screenings, lectures, and festivals on the weekends. Netflix would then show their programming on weekdays and weeknights. This deal isn’t expected to interfere with Netflix’s current deals with independent theater chains such as Landmark and Ipic.
With the current climate surrounding Netflix and the Academy, this move seems like a statement from the streamer. Netflix is here to stay.
