Netflix takes over New York's iconic Paris theater for movie screenings

Netflix took over the lease of the Paris Theatre in New York City in November 2019

Streaming giant Netflix has taken over the lease of New York movie theater The Paris, after the venue closed its doors in August.

Netflix screened its movie "Marriage Story" at The Paris earlier this month, and on Monday announced a lease agreement to keep the theater open.

It will use the theater for special events, screenings and theatrical releases of its film, the company said in an online statement.

"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 was opened in 1948 in a ceremony where Marlene Dietrich cut the ribbon, and originally showed French movies. It closed in August 2019 after a run of "Pavarotti," a Ron Howard title. Terms of the Netflix lease were not disclosed.

"Marriage Story" stars Scarlett Johansson and Adam Driver as a divorcing couple and will be released online on Netflix December 6. It is being shown at The Paris as well as in some movie theaters across the U.S. and U.K.

Netflix has previously attracted criticism for inclusion in awards ceremonies such as the Oscars, with director Steven Spielberg arguing that the company produces TV movies. But some Netflix movies now have theatrical releases, including the forthcoming films "The Two Popes," about the relationship between Pope Benedict and Pope Francis, and "I Lost My Body," an animated film about a hand that escapes from a dissection lab.

Wells Fargo downgraded Netflix on Monday, saying the cost for it to acquire new users would be "more expensive that investors realize." Earlier this month, Credit Suisse said the launch of streaming service Disney+ had "little to no impact" based on app downloads and Google search analysis. Netflix stock is up 17.9% year-to-date.

The idea that became Netflix
The idea that became Netflix