ZCZC
BFF-13
ENTERTAINMENT-US-FILM-NETFLIX-EGYPTIAN
Netflix acquires Hollywood’s historic Egyptian Theatre
LOS ANGELES, May 31, 2020 (BSS/AFP) – Netflix completed its purchase of
Hollywood’s historic Egyptian Theatre on Friday, helping to confirm the
streaming giant’s newfound central position in the movie industry.
The Los Angeles theater built in 1922 claims to have hosted Hollywood’s
first ever movie premiere — “Robin Hood” — and will be used by Netflix for
movie premieres as well as screenings and special events.
“The Egyptian Theatre is an incredible part of Hollywood history and has
been treasured by the Los Angeles film community for nearly a century,” said
Netflix film head Scott Stuber in a statement confirming the deal.
Netflix, which did not reveal the size of its investment, will run the
venue jointly with the nonprofit American Cinematheque, which bought the
dilapidated theater from city officials in 1996 and renovated it two years
later.
The Egyptian Theatre’s landmark 1922 premiere of “Robin Hood” saw Charlie
Chaplin and movie mogul Cecil B. DeMille join the film’s star Douglas
Fairbanks and his wife Mary Pickford at the venue on Hollywood Boulevard.
It would later host premieres of other key silent movies from Hollywood’s
famed Golden Age, such as “The Gold Rush” and “The Ten Commandments.”
Netflix has spent billions in recent years to lure the industry’s top
filmmaking talent, upstaging traditional Tinseltown studios with prestigious
titles including “Roma” and “The Irishman.”
Last year the streaming giant announced it would use New York’s historic
Paris theater, which had been shuttered months earlier, for special events and
screenings.
The investments have been widely seen as a shot across the bows in
Netflix’s battle with major movie theater chains and older Hollywood studios.
Traditionally the waiting period before movies appear online agreed upon by
studios and major theater chains is 90 days, but Netflix and other streaming
giants have been running their movies in select theaters for briefer windows.
The Oscars and other major award shows require films in contention run in
designated theaters for a certain period of time, although many have
temporarily relaxed their rules this year due to the coronavirus pandemic.
Hollywood trade IndieWire reported this week that Netflix will skip
traditional major movie festivals this year such as Venice, Toronto and New
York — should they take place — preferring to premiere its titles at
independent venues.
“Love for film is inseparable from L.A.’s history and identity,” said Mayor
Eric Garcetti.
“We are working toward the day when audiences can return to theaters — and
this extraordinary partnership will preserve an important piece of our
cultural heritage that can be shared for years to come.”
BSS/AFP/MMA/1000HRS