According tomedia reports, Netflix has struck a deal to buy the Egyptian theatre in Hollywood, but the price of the deal has not been announced. Opened in 1922, the Egyptian Theatre is one of Hollywood landmarks on Hollywood Boulevard in Los Angeles. It is reported that Netflix will be the Egyptian theater renovation, and for film premieres, screenings and a variety of special events.
In November 2019, Netflix signed a lease to formally take over the Paris theater on New York’s Fifth Avenue, opening the way for cinemas to show Netflix films. Today, Netflix has successfully acquired Egyptian theatres, further expanding the physical cinema market.
In April 2019, Netflix reportedly first revealed plans to buy the Egyptian theatre, but the deal took more than a year to finalize. “The Egyptian theatre is an incredible part of Hollywood’s history and has been valued by the Los Angeles film industry for nearly a century,” said Scott Stubper, head of film at Netflix. We look forward to expanding the theater’s activities in a way that benefits both film lovers and the community. “