Netflix closes deal to buy L.A.’s classic Egyptian Theatre

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The Egyptian Theatre, first opened in 1922, has been sold to Netflix. (Luis Sinco / Los Angeles Times)

The Egyptian Theatre, first opened in 1922, has been sold to Netflix. (Luis Sinco / Los Angeles Times)

Like other movie houses in Los Angeles, the Egyptian Theatre remains closed indefinitely because of the conoravirus outbreak. But Rick Nicita, the chairman of the theater’s longtime owner American Cinematheque, says the future is bright.

Credit his optimism to, of all things, Netflix.

On Thursday, the Los Gatos, Calif., streaming giant said it had closed its long-in-the works deal to buy the Egyptian Theatre for an undisclosed sum from American Cinematheque, a Los Angeles nonprofit that has owned the venue since 1996.

After more than a year of negotiations with the organization and state and local officials, the acquisition marks the beginning of a new era for one of Los Angeles’ oldest cinema treasures.

Read the full story on LATimes.com.

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