Netflix has grown increasingly popular thanks to hit shows like Stranger Things and Tiger King: Murder, Mayhem and Madness, and amid the ongoing coronavirus pandemic, Netflix stock skyrocketed where other businesses have floundered. Now the company has closed a deal after over a year of negotiations with the nonprofit American Cinematheque to purchase the Egyptian Theatre in Los Angeles.

This purchase has a currently "undisclosed" price according to the Los Angeles Times, which reported Friday that American Cinematheque will continue programming screenings over weekends as Netflix takes over premieres and events on weekdays. Having a dedicated live theater will no doubt make it easier for Netflix originals to be contenders in award shows like the Oscars.

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However, due to the ongoing pandemic, it's unclear when the Egyptian Theatre will begin its renovation and reopening process. Other theater chains like AMC have explored bankruptcy as the general public has been restricted from large gatherings to combat the spread of disease.

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That said, Netflix easily has ample enough programming and viewer retention to keep a steady flow of income that will prevent it from struggling even after what is believed to be a deal worth "tens of millions of dollars."

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Source: Los Angeles Times