Netflix has been portrayed as the bogeyman of the movie theater industry for years. But now the streaming video giant is looking to preserve one of cinema’s most famous historical institutions, the Egyptian Theatre on Hollywood Boulevard.
Alfonso Cuarón arrives for the Los Angeles premiere of"Roma" at the Egyptian Theatre in Hollywood on Dec. 10, 2018
Purchasing the Egyptian would also enhance Netflix’s already formidable presence in Hollywood, adding to Netflix’s big office space on Sunset Boulevard and the Netflix-ownedIf a deal closes, American Cinematheque is expected to continue programming films at the Egyptian during the weekends while Netflix presents its own programming midweek.
“In this new climate, it’s important to ask, how does any given movie stand out against endless choices in the home?” he said. “Everyone in this room knows the answer to that important question — a robust theatrical release provides a level of prestige to a movie that cannot be replicated.”the idea of buying theaters in Los Angeles and New York, and even considered acquiring L.A.-based Landmark Theatres.
Sid Grauman first opened the Egyptian Theatre in 1922 at a time when an Egyptian craze was sweeping the nation following the discovery of King Tutankhamen’s tomb. Its first film was “Robin Hood,” starring Douglas Fairbanks. It also hosted the premiere of “The Ten Commandments” in 1923.
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