When Netflix Paid $14.4 Million for Egyptian Theatre, It Saved an Ailing American Cinematheque — Exclusive

When Netflix Paid $14.4 Million for Egyptian Theatre, It Saved an Ailing American Cinematheque — Exclusive
Faced with over $8 million in essential renovations at the Egyptian Theatre, the American Cinematheque faced closing the historic Hollywood movie palace and ceasing to exist as an organization. And then, Netflix bought the theater.

That was the blunt assessment offered by Cinematheque president Mark Badagliacca in recent letters to the California Attorney General’s office, through which the Cinematheque sought sale approval — technically, non-opposition — in accordance with state law.

“Your approval of the proposed transaction is fundamental to the long-term viability of the Cinematheque as a charitable organization,” Badagliacca wrote March 12. “Without the Egyptian Theatre, AC will be unable to continue its charitable purpose, and it will likely dissolve altogether.”

The correspondence, which IndieWire obtained through public records requests, are part of some 500 pages of documents that pull back the curtain on previously unpublicized details of the unusual deal between Netflix and the American Cinematheque. Announced last month, it allows
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