Netflix Inc. is in talks to buy Grauman’s Egyptian Theatre, a historic movie house on Hollywood Boulevard, which is currently owned by American Cinematheque reported by Deadline on Tuesday.
Grauman’s Egyptian theater is considered to be the first of three movie theaters worked along the Hollywood Boulevard in 1922, trailed by the ‘El Capitan’, which is presently claimed by The Walt Disney Company, and “the Chinese’, presently possessed by TCL Corporations.
The first-ever Hollywood premiere hosted by The Egyptian was back in 1922, demonstrating “Robin Hood“.
Netflix had not been in good terms with Hollywood as well as the other theater owners ever since it has denied the traditional industrial practice of showing films exclusively in cinemas for around 90 days. Instead, Netflix releases the movies within a few days of its release. Thus this deal is considered to be a good way to mend its relationship with the movie industry.
The company has no plans to open tickets for the public, instead, it will use the venue to host film premieres and other industrial events on weekdays. Whereas, on the weekends, American Cinematheque will be allowed to continue its programming, hold lectures, events, and screenings. The association will most likely grow its programming with the budgetary assets from this entire deal.
The Netflix-Cinematheque deal won’t be settled until issues including real estate and city permits are worked out said Ted Sarandos, the chief content officer for Netflix, who is also on the board for the American Cinematheque.