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Entertainment Netflix buys the legendary Egyptian Theater in Hollywood

13:20  30 may  2020
13:20  30 may  2020 Source:   pressfrom.com

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After more than a year of negotiations, Netflix has closed a deal to buy Hollywood ’s historic Egyptian Theater , thereby marking a major milestone in the streaming giant’s More than a year ago, Netflix entered conversations with American Cinemathique to buy the historic Egyptian Theater on […]

So Netflix buying the Egyptian is fine within the system created by the Paramount Decrees. If they tried to buy Arclight or Landmark, then you'd be I use to go the Egyptian often as a college student. It’s arguably the most beautiful theater in all of Hollywood . It mostly has special screenings by the

Un hôtesse d'accueil se tient à l'entrée du Egyptian Theatre de Hollywood, Californie, décembre 1998. © Mike Nelson / AFP Photo A hostess stands at the entrance to the Egyptian Theater in Hollywood, California, December 1998.

Netflix concluded on Friday the acquisition of the Egyptian Theater, legendary cinema located on Hollywood Boulevard, further confirming its rank as a major player in the film industry in the United States.

The Los Angeles cinema was built in 1922 and is proud to have hosted the first promotion session ever organized in Hollywood ("Robin Hood", with Douglas Fairbanks in the title role). He had also had the privilege of launching a large number of films from the Golden Age of cinema, such as "The gold rush" by Chaplin or "The Ten Commandments".

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Netflix completed its purchase of Hollywood 's historic Egyptian Theatre on Friday, helping to confirm the streaming 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."

It's official: Netflix is the new owner of Hollywood 's Egyptian Theatre . The sale price was not disclosed. 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.

Netflix plans to organize the launch of its films and other special events there.

The giant of video on demand, which has not disclosed the amount of the transaction, will manage the establishment in partnership with the American Cinematheque, a non-profit association which had bought and then renovated the dilapidated cinema in 1996.

Netflix has spent billions of dollars in recent years to attract the big names in the film industry, winning alongside major traditional Hollywood studios to produce notable films, such as "Roma" or "The Irishman ".

Last year, Netflix had already bought a historic New York cinema, the Paris Theater, which had closed its doors.

Professionals in the sector see these investments as a showdown engaged by the streaming giant with major cinema brands and traditional studios.

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Netflix completed its purchase of Hollywood 's historic Egyptian Theatre on Friday, helping to confirm the streaming 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."

Netflix completed its purchase of Hollywood 's historic Egyptian Theatre on Friday, helping to confirm the streaming 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."

It is customary in the United States for a period of 90 days to elapse between the release of a film in theaters and its distribution on the internet. But Netflix and other video-on-demand operators are pushing for the lines to move and have started showing their works in a small number of cinemas for shorter durations.

The Oscars and other cinematographic prizes indeed require that the films have been screened in cinemas for a certain time in order to be able to compete.

According to the specialist media IndieWire, Netflix has decided not to present its films this year at major festivals like Venice, Toronto or New York (if they can take place despite the pandemic), preferring to reveal them in places independent.

The Egyptian Theater could thus be devolved to this role.

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