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After more than a year of dialogue , streaming titan Netflix purchased one ofLos Angeles’shistoric treasures , the virtually one C - old Egyptian Theatre . It opened in 1922 and premieredRobin Hood , star Robert Fairbanks . Like all picture show house across Los Angeles , the Egyptian Theatre closed down in mid - March due to concerns over the new coronavirus . Talks between Netflix and American Cinematique reportedly started in tardy 2018 or 2019 . The original announcement go to director , likeJon Favreau , contact out to ascertain that the modification of possession will not affect the programming offered at The Egyptian .
The theatre represents the cultural heritage and account of film in L.A. It closed for four years in 1992 under the ownership of United Artists Theatres . Since 1996 , the non - profit , American Cinematique , chair by Rick Nicita , possess the theatre , which the grouping purchase from the Los Angeles Community Redevelopment Agency for $ 1 . As of 1998 , the house , which formerly seated 1,100 guests , now feature a 616 - seat auditorium , in addition to a 78 - butt screening elbow room nominate after manager Steven Spielberg .
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The Los Angeles Timesreported that Netflix purchased the historic theatre , designed by Sid Grauman , which held the premiere of Cecil B. DeMille ’s 1923 silent filmThe Ten Commandments . The streaming company see preservationist and fans of movie theater the intent to sustain the ripe interests of the residential district . The wad is calculate to be worth tens of one thousand thousand . In an consultation , Nicita revealed about theNetflix deal ,
" The purchase will furnish the organization with a much - necessitate influx of cash to fund a renovation of the venue and put on more of its signature programming , include filmmaker Q&As and pic festivals . The nonprofit may even be able to aviate in movie maker for events , rather than trying to catch them while they happen to be in town . "
Though not the most obvious jointure , it arrive at sense for Netflix to purchase aphysical theatreto host next premieres , as well as maintain a history some critic say it challenge . Netflix assured American Cinematique would uphold managing the theatres , host viewing Friday , Saturday and Sunday . The sale brings the cyclosis platform closer to give filmmakers and new talent by offering a high - visibility venue to showcase their work .
purchase the Egyptian creates a way forNetflixto engage with a farsighted history of pic and contribute to its preservation . The human action of buy not only a theatre , which produces a home - base for free production but the attended chronicle also adds a level of believability to its position in the movie industry . The sales agreement represents the bridging of traditions with the future of television and plastic film .
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beginning : LA Times , Ken Lund , Andreas Praefcke
