Netflix in Talks to Buy 1920's Grauman's Egyptian Theatre Located Near Disney's El Capitan

Here is something which won't help to cool down the relations between Disney and Netflix, as Netflix is negotiating with the American Cinematheque to acquire the historical Egyptian Theatre built by Sid Grauman in the early 1920s as a pharaoh-themed theater on Hollywood Boulevard, just a few yards from Disney's El Capitan....



If this happened the venerable Egyptian Theater will be the first movie theater owned by Netflix. This deal which is expected to worth many tens of millions of dollars, will place Netflix in a better position inside Hollywood cinematic community, because Netflix by purchasing this theater will preserve one of Hollywood’s landmark movie theaters. Also non-profit Cinematheque will have a better financial position after this deal.

The deal won’t affect Netflix’s relationship with independent theaters that show its movies like Landmark and Ipic. Netflix and Cinematheque view this deal as a partnership. Netflix will screen its movies for weekday nights, on the other hand Cinematheque runs screenings, lectures and occasional festivals on weekends.

The historical Egyptian Theater hosted Hollywood’s very first movie premiere in 1922 which was a silent film entitled ‘’Robin Hood, directed by Allan Dwan and starred Douglas Fairbanks as Robin Hood, Wallace Beery as Richard the Lionhearted, Sam De Grasse as Prince John, Enid Bennett as Lady Marion and Alan Hale as Little John. Established in 1981, the Cinematheque in 1998 completed a $12.8 million renovation and facelift to the theater.

Full article on Egypt Today HERE.