Netflix is in preliminary talks with American Cinemateque to buy the famed Egyptian Theater on Hollywood Boulevard in Los Angeles.
This would mark the first movie theater acquisition for Netflix, a deal worth tens of millions of dollars, though sources say it’s wrong to speculate that this will be the start of a move by the streamer into opening its own cinema chain.
The deal also won’t impact Netflix’s ongoing relationship with independent theater chains that show its films. At the Egyptian, Netflix will program its screenings for weekday nights while the Cinemateque runs screenings, lectures and occasional festivals on weekends on an autonomous basis.
Netflix will hold occasional special screenings and events for some of its splashiest movie launches. Cinematheque will continue to run its screenings at the historic Aero Theater in Santa Monica.
Built by Sid Grauman in the early 1920s, the pharoah-themed Egyptian Theater hosted Hollywood’s very first movie premiere in 1922. Negotiations reportedly won’t be finalized until issues involving real estate and city permits are hammered out.