The streaming service is in talks to buy the famed movie house from American Cinematheque.
Per reports that appeared in Variety and Deadline Hollywood, Netflix is in the early stages of purchasing the Egyptian Theatre from American Cinematheque. The move would mark the streaming service's first theater acquisition as it continues reshaping the Hollywood studio system.
According to reports, the deal would include Netflix managing programming during the week while American Cinematheque would hosts its weekly screenings, lectures, and festivals on the weekends. The Cinematheque is a non-profit organization committed to preserving and restoring Hollywood history.
The Egyptian Theatre, located on Hollywood Boulevard, is one of the most famous movie houses in the world. Built in 1922 by Sid Grauman, the theater hosted the very first Hollywood premiere: Robin Hood, starring Douglas Fairbanks, Wallace Beery, Sam De Grasse, Enid Bennett, and Alan Hale.
American Cinematheque purchased the theater from the city for $1 in 1992 under the understanding that the landmark would be restored and would host programming available to the public. It reopened in 1998 after a $12.8 million renovation. The Cinematheque hosts screenings on a weekly basis, plus additional screenings at the Aero Theater in Santa Monica. The deal with Netflix will not impact screenings at the Aero. It will also not interfere with Netflix's contracts with independent chains, like Landmark, who already hosts screenings of Netflix original content.
This deal comes on the heels of controversy after last awards season's run for Netflix's roma and Netflix's overall takeover of Hollywood.
Netflix's chief content officer Ted Sarandos is a on the board of the American Cinematheque, but recused himself from negotiations with the deal.