Netflix to put a new spin on a L.A.'s classic Egyptian Threatre
Netflix is poised to buy the historic Egyptian theater from the nonprofit American Cinematheque. Some local cinephiles are worriedQuite the contrary, said Nicita, 74. American Cinematheque will continue to program its screenings at the Egyptian on Fridays, Saturdays and Sundays, by far its busiest days, while Netflix will use it to hold premieres and filmmaker events for its growing movie business on weekdays.
The closing of the deal, said to be worth tens of millions of dollars, including improvements, marks a significant milestone in Netflix’s efforts to become an increasingly powerful force in the film business.Preserving and restoring the Egyptian is an opportunity for the company to make further inroads with established filmmakers and up-and-coming talent by giving them a high-profile venue to showcase their work, said Scott Stuber, head of Netflix Films.
American Cinematheque, which also leases the Aero Theatre in Santa Monica, was struggling financially. Like many nonprofits, the organization, established in 1984, was cash-strapped and needed an influx of funds to make necessary repairs to the Egyptian and continue its mission. Some locals fretted about what would happen after the classic theater was handed from the American Cinematheque to a for-profit business.
“The collaboration ensures the cultural destination remains in the heart of Hollywood for decades to come,” O’Farrell said in a statement.
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