Netflix is reportedly in talks to acquire Hollywood’s famous Egyptian Theatre. The streaming giant is currently in early talks with American Cinematheque to acquire the famed movie palace. The deal is said to be around tens of millions of dollars.

The theater, built by Sid Grauman in the 1920s, has been the location of various movie premieres. Sources are saying that the deal between Netflix and American Cinematheque will be a partnership. The streaming giant will reportedly utilize the Egyptian as the place for special screenings, as well as premieres for huge movie launches and most anticipated movies.

I legit cackled because Film Twitter is going to lose their shit.

HOLLYWOOD OLD GUARD: Netflix shouldn’t get Oscars if they don’t have theater screenings.

NETFLIX: Okay **buys venerable theater to show their product in**

HOLLYWOOD OLD GUARD: NO, NOT LIKE THIS! https://t.co/TrPLbezsSd

— MildlyIrritated (@MildlyIrritate1) April 9, 2019

The news surrounding Netflix and American Cinematheque comes at a time when the streaming giant has been the subject of conversation. Last month, it was reported that Steven Spielberg, a board member of the Academy of Motion Picture Arts and Sciences, was planning to push for a rule change that would prohibit films released on Netflix or have a limited theater run from contending for Oscars.

In recent years, the streaming giant has seen films such as Mudbound and Roma garner several Oscar nominations. The latter took home the Academy Award for Best Foreign Language Film, Cinematography and Best Director for Alfonso Cuaron at the 91st Academy Awards in February.

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Photo by John M. Heller/Getty Images

Grauman's Egyptian Theater

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