Online streaming platform Netflix is in negotiations to purchase the Egyptian Theatre in Hollywood from American Cinematheque.
The proposed deal would likely play out with Netflix programming on weekday nights while the non-profit Cinematheque would programme screenings, lectures and festivals on weekends, reports variety.com.
Also, the transaction would not include the Aero Theatre in Santa Monica, California, which Cinematheque also programmes. If the deal goes through, Netflix could use the Egyptian Theatre to premiere potential awards candidates.
The Egyptian Theatre was opened in 1922 by Sid Grauman on Hollywood Boulevard, just east of McCadden Place. The facility has an ornate style evoking ancient Egypt with an open air courtyard. The stage is flanked by carved columns and models of the Sphinx. The Egyptian launched with the premiere of “Robin Hood” starring Douglas Fairbanks, Wallace Beery, Sam De Grasse, Enid Bennett and Alan Hale.