Netflix Looks to Purchase Historic Hollywood Theater

In a move that seems destined to split cinephiles along generational lines, Netflix is looking to buy the historic Egyptian Theatre in Hollywood. According to Deadline, the streaming giant wants to purchase the site of Hollywood’s first-ever movie premiere to give them a brick-and-mortar location to screen their original films. 

While more future-phobic film lovers might balk at the idea of Netflix gobbling up a chunk of Hollywood history, the reported details of the deal seem to be a win-win for both Netflix and Los Angeles‘ film buffs. Unnamed sources who spoke to the industry website said that Netflix hopes to buy the building from the non-profit film history preservationists American Cinematheque but still operate the historic building as a partnership. Netflix will screen during the weekdays while Cinematheque is free to use the building on the weekends for screenings, lectures, and festivals.

Cinematheque remodeled the theater in 1998 to the tune of $12.8 million and Netflix is reportedly offering “many tens of millions” to take the building off of their hands. Deadline adds that Cinematheque could use the windfall, saying that the non-profit has found itself short on cash in recent years. At the same time, the presence of a swanky theater to hold Old Hollywood-style premieres can only help bolster Netflix’s bid to be taken seriously as a movie studio worthy of awards season consideration. 

Deadline reports that the deal will not be finalized until issues of permitting and real estate can be fully worked out, however it seems likely that the deal is a go.