Over the past few years, Netflix has been pushing the boundaries of what a streaming service can become. With its recent Oscar wins, Netflix’s attempts to build Hollywood ties seem to be paying off.
Now, the company is in talks to take the next step by purchasing the Egyptian Theatre in Los Angeles. This historic Hollywood venue is currently owned by American Cinematheque, a nonprofit that owns two theaters in the area.
It’s fitting that Netflix is looking into acquiring the Egyptian in particular because it was actually the site of the company’s Hollywood premiere for Roma. Currently, the Egyptian is primarily used for movie festivals, and it seems that Netflix won’t try to change too much about it.
According to Bloomberg, a person familiar with the plans said that Netflix won’t run the Egyptian like a commercial theater. Instead, it looks like Netflix is simply searching for a spot to host red carpet events and premiere more of its own movies.
Netflix’s less-than-traditional screening process has irked other theaters such as AMC Theaters and Regal Cinema, who declined to show Roma, as reported by CNBC.
By purchasing its own theater, Netflix would easily be able to meet the Academy’s current screening requirements without having to navigate traditional venues.
Recently, the Academy has been in talks of changing its rules. Director Steven Spielberg was among supporters of a rule change that would require films to be shown in theaters for at least four weeks to be considered. However, those changes may not come after the DOJ warned the Academy that they could raise anti-trust concerns.