Netflix acquires Hollywood's historic Egyptian Theatre built in 1922

Netflix has officially acquired Hollywood's iconic Egyptian Theatre following reports of its interest in the business nearly a year ago. Netflix will renovate the theater and use it for special screenings, among other things, breathing new life into the facility. American Cinematheque, the nonprofit organization that reopened Egyptian Theatre in 1998, will reportedly work alongside Netflix.

Egyptian Theatre is a historic Hollywood landmark that was built in 1922; it was originally home to some of the industry's earliest silent films, including the first premiere of the classic Robin Hood. The theater was renovated by American Cinematheque, which reopened it in 1998 and has operated it since.

Back in August 2019, Deadline claimed that Netflix was in talks to acquire the theater, though the talks were only preliminary at the time. In an update on the matter, the publication reports that Netflix has finalized the acquisition of Egyptian Theatre and that American Cinematheque will remain as a non-profit.

Netflix will reportedly renovate the theater, then use it for everything from weekly premieres and screenings to special cinema events. In a statement, Netflix Films' Scott Stuber said the company partnered with the non-profit 'to preserve the theater's storied legacy and continue providing remarkable film experience for audiences.'

This isn't the first time Netflix has set its sights on an iconic theater. In late 2019, the company leased New York City's iconic single-screen cinema called Paris Theatre. The theater had shut down after decades but was revived by Netflix as a destination to screen some of its original movies.