HOLLYWOOD (Hollywood Reporter) — Netflix is buying the Egyptian Theatre, built in 1922 by Sid Grauman, for splashy premieres and screenings. Proponents of the takeover of the iconic film palace call it a win-win, but not every movie buff is happy: “The community will suffer a real loss.”
Disney has its own historic Hollywood movie palace for splashy premieres and special events, the El Capitan Theatre, and now Netflix is about to follow suit.
Netflix prides itself on a digital-first strategy, but insiders say the multimillion-dollar deal for the streamer to buy the brick-and-mortar Egyptian Theatre in Hollywood is nearly complete, just in time to potentially showcase its films during awards season.
Proponents of the acquisition note that Netflix intends to use the venue for premieres and events during the weekdays, while seller American Cinematheque — a nonprofit dedicated to film preservation — will receive a much-needed cash infusion and the ability to program classic movies on weekends and those weekday nights when it isn’t in use by Netflix, insiders say.
Netflix, whose chief content officer […]
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