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Netflix has reportedly considered buying movie theaters

Netflix has reportedly considered buying movie theaters”

The Los Angeles Times is reporting that the company has now actively considered buying its own cinema chain as a outcome.

While no further deals for Netflix to buy any other cinema chains have been laid out on the table, the idea of Netflix eventually owning a cinema chain wouldn't necessarily come as a huge surprise. According to a new report by Gizmodo, many sources have revealed that the entertainment giant pursued a deal to buy the Landmark Theaters owned by Mark Cuban but ultimately backed out due to a high sale price.

However the original films can't be considered for awards, such as Oscars or Golden Globes because its films are not screened in cinemas. The Landmark theaters are well known for attracting awards voters by running first-run features, documentaries and foreign films during Oscar season. Netflix now has some 125 million subscribers worldwide.

"Netflix wants to establish itself as a critical exhibition source on both coasts", a source told the Times.

More news: Shares in General Electric (NYSE:GE) Acquired by Heritage Way Advisors LLC

Netflix films like Beasts of No Nation and Mudbound were released in some theatres, the movies were simultaneously released on Netflix.

Netflix hasn't officially commented on the news, but it's feasible it's still in the market for a small chain. Many believe the movie would have garnered more attention if it had been given a cinema release. Also last month, the board of the prestigious Cannes film festival banned Netflix films from award competition, prompting the company to pull out of screening anything at the festival at all.

"We regret our films not being able to compete at this year's Cannes film festival", read a letter to Netflix stockholders. We would never want to do that to our French members.



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