Netflix In Deal To Preserve New York's Paris Theatre

(RTTNews) - Streaming giant Netflix (NFLX) has announced it has taken over the historic Paris cinema in New York for a long-term lease.

The company plans to use the theater for special events, screenings, and theatrical releases of its films. Terms of the lease were not disclosed.

Hollywood website Deadline said the deal was a 10-year lease agreement. Previously, Netflix rented various cinemas for limited periods to ensure its films are eligible for awards.

"After 71 years, the Paris Theatre has an enduring legacy, and remains the destination for a one-of-a kind movie-going experience," said Ted Sarandos, Netflix's Chief Content Officer. "We are incredibly proud to preserve this historic New York institution so it can continue to be a cinematic home for film lovers."

The Paris Theatre first opened in 1948, and was inaugurated by actress Marlene Dietrich. The theater, opened by Pathé Cinema, originally showed French titles, the first of which was La Symphonie Pastorale, which ran for eight months.

The theater shuttered in August, and Netflix reopened it for a limited time to screen Noah Baumbach's new movie, Marriage Story.