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Hollywood directors buy Westwood's iconic Village Theater

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Feb 22, 2024
"Lara Croft: Tomb Raider" Los Angeles Premiere at Mann's Village Theater in Westwood, California, United States.

Los Angeles premiere of "Lara Croft: Tomb Raider" at the Village Theater in 2001. Photo by J. P. Aussenard/WireImage

A group of Hollywood directors led by Jason Reitman is buying the Village Theater in Los Angeles' Westwood neighborhood.

Why it matters: The 93-year-old theater is the latest from Hollywood's golden age to be rescued from extinction by the industry itself.

Details: Reitman is joined by more than 30 other famous directors, including Steven Spielberg, Christopher Nolan and Bradley Cooper.

  • All 36 directors have a financial stake in the theater, which will be restored.
  • Terms of the deal were not disclosed, though the theater was put up for sale last summer with a $12 million asking price.
  • The Village Theater, located near UCLA, has been the home to numerous Hollywood premieres since its inception in 1931.

Zoom out: Hollywood directors and studios have been buying up iconic, single-screen movie theaters facing closure as the movie theater business shrinks.

  • Quentin Tarantino bought The Vista Theatre in early 2021, which followed his purchase of New Beverly Cinema in 2007.
  • Netflix reopened the 101-year-old Egyptian Theatre last November after buying it in 2020. In 2019, Netflix signed a deal to take over operating New York's Paris Theater, which was also facing closure.
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