Netflix is in talks to purchase the Grauman’s Egyptian Theatre, the nearly 100-year-old movie theater on Hollywood Blvd., from the non-profit American Cinematheque, an individual with knowledge told TheWrap.
The Egyptian Theatre would be the first brick-and-mortar theater establishment owned by the streamer, but the deal is meant to preserve the Hollywood landmark and does not represent a larger plan to expand to traditional theater operations.
According to the individual, it would be more of a partnership between the streamer and the independent American Cinematheque, with the Cinematheque still helping to program the theater in the way they have with screenings, lectures and festivals, like this weekend’s TCM Classic Film Festival.
The American Cinematheque also holds a 10-year-lease on the Aero Theater in Santa Monica, California. Netflix’s Chief Content Officer Ted Sarandos sits on the board of the American Cinematheque.
The Egyptian Theatre opened in 1922 and was built by Sid Grauman and real estate developer Charles Toberman. It was the site of the first ever Hollywood film premiere for the silent film “Robin Hood” in 1922. The American Cinematheque has operated the Egyptian Theater since 1998.
Netflix has been making a push in the wake of their Oscar campaign for “Roma” to branch out further into the Hollywood establishment and amid discussions about Netflix’s theatrical windows for their feature films.
Deadline first reported the news of the sale.
Trey Williams contributed to this report.