Netflix has bought the Egyptian Theatre in Hollywood, California for an undisclosed amount.
The streaming company will use the theatre for special events, screenings and premieres during the week while it will still remain as the home of the American Cinematheque during the weekend.
“The American Cinematheque was honored to bring the Egyptian back to life in 1998, and together with Netflix we are thrilled to continue this stewardship by restoring it once again for a new generation of film fans to experience movies on the big screen,” said Rick Nicita, chairman of the American Cinematheque. “The Egyptian Theatre remains our Hollywood home and we are grateful to both the City of Los Angeles and the Attorney General of the State of California as we accept this incredible opportunity that will greatly benefit the American Cinematheque.”
In 2016, the Egyptian Theatre was retrofitted to begin screening 35mm nitrate film and is now one of only four theaters in the United States capable of showing the fragile and flammable film stock. Renovations by Netflix will include upgrading the equipment.
“Love for film is inseparable from L.A.’s history and identity,” said Mayor Eric Garcetti. “We are working toward the day when audiences can return to theaters –– and this extraordinary partnership will preserve an important piece of our cultural heritage that can be shared for years to come.