Netflix In Talks To Buy Hollywood's Historic Egyptian Theatre

HOLLYWOOD, CA – Netflix is in talks to buy one of Hollywood's most famous theaters, Daily Mail reported Wednesday. The streaming giant is negotiating to acquire the Egyptian Theatre on Hollywood Boulevard, according to The Real Deal.

Nonprofit group American Cinematheque currently owns the theater, and the deal would reportedly allow them to run the Egyptian Theatre's schedule on weekends, while Netflix would operate it on the weekdays, the real estate website reported.

Netflix was rumored to be interested in getting into the motive theater business as early as last year, where the company considered the idea of buying Landmark Theatres, an LA art-house chain owned by Mark Cuban, according to BizJournals. Landmark Theatreseventually sold to Cohen Media Group, the website said.

However, the acquisition does not signal that Netflix is trying to get into the business of operating brick-and-mortar theaters, Daily Mail reported.

The pharoah-themed theater was build by Sid Grauman in the early 1920s, and hosted Hollywood's very first movie premiere in 1922. American Cinamatheque completed a $12.8 million renovation and face lift to the theater in 1998, Deadline reported.

The Egyptian Theatre is located at 6712 Hollywood Blvd, Los Angeles, CA 90028.