Netflix has officially acquired Hollywood’s iconic Egyptian Theatre following reports of its interest in the business nearly a year ago. Netflix will renovate the theater and use it for special screenings, among other things, breathing new life into the facility. American Cinematheque, the nonprofit organization that reopened Egyptian Theatre in 1998, will reportedly work alongside Netflix.
Egyptian Theatre is a historic Hollywood landmark that was built in 1922; it was originally home to some of the industry’s earliest silent films, including the first premiere of the classic Robin Hood. The theater was renovated by American Cinematheque, which reopened it in 1998 and has operated it since.
Back in August 2019, Deadline claimed that Netflix was in talks to acquire the theater, though the talks were only preliminary at the time. In an update on the matter, the publication reports that Netflix has finalized the acquisition of Egyptian Theatre and that American Cinematheque will remain as a non-profit.