Hollywood Egyptian Theatre: Netflix is New Owner

Netflix is the new owner of Hollywood’s Egyptian Theatre. The sale price was not disclosed.

 

The deal gives former owner the American Cinematheque a needed financial infusion and allows it to continue to program the historic movie palace on the weekends once the coronavirus pandemic ends and cinemas are able to reopen.

Netflix, which first revealed its plan to partner with the Cinematheque and buy the theater in April 2019, will use the venue during the week for premieres, screenings and other special events.

“The American Cinematheque was honored to bring the Egyptian back to life in 1998, and together with Netflix we are thrilled to continue this stewardship by restoring it once again for a new generation of film fans to experience movies on the big screen,” American Cinematheque chairman Rick Nicita said in Friday’s statement.

The sale took more than a year to finalize since the Cinematheque is a non-profit organization which bought the historic landmark for $1 from the now-defunct L.A. Redevelopment Authority.

The organization subsequently raised nearly $13 million to restore the former movie palace, which was built in 1929.