Netflix has finalized a deal to buy Hollywood’s historic Egyptian Theatre for an undisclosed price, capping a transaction that was in the works for over a year.
The deal marks a major milestone in Netflix’s effort to become accepted by the Hollywood filmmaking community. Major movie theater chains like AMC and Regal have avoided playing original films from the streaming giant because Netflix wouldn’t adhere to the same exclusive 90-day theatrical windows that movie studios abide by.
With the purchase of the Tinseltown landmark built by Sid Grauman in 1922, and its acquisition of New York’s The Paris Theater last fall, Netflix has a place to showcase its own movies.
As part of the deal, Netflix said the Egyptian will remain the home of the American Cinematheque, a non-profit organization that was established in 1984. Netflix said it would continue to expand the cinema’s movie and event programming, as well as invest in the Egyptian’s renovation, so that it can host special events, screenings and premieres in the space.
Located on Hollywood Boulevard, the Egyptian was the site of the first-ever Hollywood movie premiere of “Robin Hood,” starring Douglas Fairbanks. Other notable Silent-era premieres held at the Egyptian include: Cecil B. DeMille’s “The Ten Commandments”, Charlie Chaplin’s “The Gold Rush and “Don Juan,” starring John Barrymore and Mary Astor.