Netflix in talks to buy Egyptian Theatre in Hollywood: Report
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Netflix is in talks to buy its first brick-and-mortar movie theater in the form of a Hollywood landmark, according to a report on Tuesday.
The streaming giant is in early negotiations to buy the legendary Egyptian Theatre in Hollywood from its current owner, the non-profit American Cinematheque, Deadline reported. Netflix would have to pay “many tens of millions of dollars” to close the deal.
Netflix would reportedly use the venue for movie screenings and events for new original content, including films in awards contention. However, the deal does not signal that Netflix is planning a further expansion into brick-and-mortar theaters, sources familiar with the matter told Deadline.
Netflix representatives did not immediately respond to a request for comment on the matter.
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A Hollywood mainstay, the Egyptian Theatre hosted the town’s first-ever movie premiere in 1922. American Cinematheque would continue to host events at the venue even if a sale occurs. It’s unclear if or when the deal could be finalized.
The foremost among media streaming platforms, Netflix had more than 139 million paid subscribers worldwide as of January. The company has drawn criticism in the film industry over its submission of original movies, such as “Roma” for awards consideration despite limited theatrical runs. “Roma” won three Oscars.