Netflix reportedly in talks to buy historic Egyptian Hollywood Theatre from American Cinematheque
Netflix is reportedly in talks to purchase the historic Egyptian Theatre, making it the streaming service’s first purchase of a movie theatre.
A report in The Hollywood Reporter suggests that the value of the deal is in the "tens of millions" of dollars. The pharaoh-themed theatre is currently owned by American Cinematheque, an independent nonprofit that owns two theaters in the Los Angeles area.
Bloomberg reports that Netflix has no plans to run the Egyptian like a commercial theater. According to the publication’s sources, the streaming giant won’t be selling tickets to casual moviegoers, and the deal also doesn’t involve the Aero theater.
If the deal closes, it will pave the way for Netflix to easily showcase the movies it wants to put up for Academy Awards contention without having to deal with traditional theatrical release windows.
According to CNBC, currently the Academy’s eligibility requirements state that a film must run for at least a minimum of seven consecutive days at a commercial theater in Los Angeles County and be shown at least three times a day, with a minimum of one screening between 6 pm and 10 pm
The Egyptian Theatre would also provide Netflix a space for red carpet events. The Cinematheque is expected to run screenings, lectures and occasional festivals on weekends while Netflix will program its screenings for weekday nights, Deadline reported.
The deal could help a nonprofit theater make use of a deep-pocketed sponsor like Netflix while giving the later a prestigious platform to host premieres and events to deepen its connections within Hollywood and among moviegoers.
Updated Date: Apr 10, 2019 17:14:35 IST
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