Netflix is looking into buying the Egyptian Theatre in Hollywood, which would become the streaming service’s first brick-and-mortar theater acquisition if the deal were to go through, Deadline reports. The report notes that Netflix’s talks with owner American Cinematheque are preliminary.
The report cites sources saying the potential deal should not be interpreted as the beginning of a push by Netflix into the theater business.
“This is a deal that sources place in the many tens of millions of dollars, and it will put Netflix in good standing with the Hollywood cinephile community as the disruptive streaming company helps to preserve one of Hollywood’s landmark movie theaters and its long tradition,” Deadline reports. “It is also putting the non-profit American Cinematheque on firmer financial footing in the process.”
The theater was built by Sid Grauman in the early 1920s and hosted Hollywood’s first movie premiere when it screened “Robin Hood” in 1922, Deadline notes.
Established in 1981, the Cinematheque completed a $12.8 million renovation of the Egyptian in 1998.
Deadline adds: “Both parties look at this as something of a partnership, sources said. Netflix will program its screenings for weekday nights while the Cinematheque runs screenings, lectures and occasional festivals on weekends on an autonomous basis.”