Why is Netflix planning to buy Egyptian Theatre in Hollywood?
- 14 April 2019
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Popular US streaming service Netflix is in talks with American Cinematheque to buy its Egyptian Theatre, a historic movie house on Hollywood Boulevard.
Netflix will use the Los Angeles venue to host film premieres and other industry events, Reuters reported, citing a source with knowledge of the matter. However, there are no plans to sell tickets to the public.
Right from the beginning, Netflix has resisted the industry practice of showing films exclusively in cinemas for 90 days and is at loggerheads with many theatre owners.
Instead, Netflix sends theatrical releases to its online service on the same day or just a few weeks after they hit the big screen.
The pharaoh-themed Egyptian Theatre built by Sid Grauman opened in 1922. The first movie screened was Robin Hood, the Allan Dwan-directed silent film that starred Douglas Fairbanks as the title character.
According to media reports, the Netflix-Cinematheque negotiations will not be finalized until issues involving real estate and city permits are settled.
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