Netflix reopens Hollywood movie palace

LOS ANGELES – The Egyptian Theatre, which hosted Hollywood’s first-ever red carpet premiere in its faux hieroglyph-adorned courtyard more than a century ago, reopens this week under the new ownership of Netflix.

Steeped in silver screen lore, the venerable Los Angeles movie palace may seem an unlikely investment for a streaming giant that has made a fortune convincing viewers to watch films on their TVs, laptops and even phones.

But for Netflix co-CEO Ted Sarandos, the chance to save a crumbling Tinseltown institution — and showcase his company’s rapid ascent from tech disruptor to a key player at the very heart of the entertainment industry — was a no-brainer.

“Hollywood is all about symbols,” he told AFP.

“The Hollywood Sign and this theatre are probably the two most iconic symbols of Hollywood… this one, unfortunately, was falling down.”

The theatre first…