Netflix Finally Sealed the Deal on Hollywood’s Egyptian Theatre, but Not Everyone Is Happy

Netflix Finally Sealed the Deal on Hollywood’s Egyptian Theatre, but Not Everyone Is Happy
Netflix now owns one of Hollywood Boulevard’s historic gems, the Egyptian Theatre. Officially, seller American Cinematheque is cheering the move as one that will help continue the preservation of the silent-era movie palace. But critics are raising concerns that the property — originally gifted to the nonprofit by the city — will now be subjected to the whims of a corporation after the sale, which was completed with minimal public input.

Netflix shared the news in a press release Friday. The sale, the amount of which was not disclosed, will allow the American Cinematheque to autonomously program the theater Fridays, Saturdays, and Sundays, while Netflix will pay for renovations, including sound upgrades, and use the space for special events, screenings, and premieres during the week.

The sale comes amid years of financial struggles for the Cinematheque. Chairman Rick Nicita told the Los Angeles Times the organization was quickly approaching a “crisis point.
See full article at Indiewire »

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