Netflix confirmed Monday that it would reopen the historic Paris Theater in Manhattan through an extended leasing deal.
The state of play: The news was first reported by Deadline, which also reported last week that the deal to keep the last remaining single-screen theater in Manhattan open was a 10-year agreement.
Why it matters: The move guarantees Netflix will have a place in New York City to air its Oscar-contending movies. In order to qualify for The Oscars, a film must debut in a physical theater in Los Angeles county or New York City for seven days.
- Traditional theater chains like AMC Theaters and Regal have refused to air Netflix films because Netflix doesn't want to give them an exclusive window of up to 90 days to air films before they go to streaming.
- Reports this summer suggested that Netflix is also nearing a deal to buy the historic Egyptian Theatre in Los Angeles.
The big picture: Reports earlier this year suggested that Amazon was in the running to buy the Landmark movie theater chain, which owns dozens of theaters.
Go deeper: The Justice Department is currently looking to relax rules that bar a traditional movie studio from buying a theater.