Netflix has agreed to keep the historic Paris Theatre in New York City open for business, after purchasing it from New York real estate developer Sheldon Solow. The single-screen cinema has been in existence since 1948, and been home for many Hollywood premiers. Netflix in its acquisition will use it for its original movies, special events and other screenings, while keeping it open for business with other production houses in Hollywood. Leading to the closed deal in Netflix name, the theater shut-down in August this year, which resulted to many speculations of it not reopening ever after the sale is complete. Netflix however appreciates the need to keep it open for movie fanatics, considering the theater's 7-decade run in Hollywood. "After 71 years, the Paris Theater has an enduring legacy, and remains the destination for a one-of-a-kind moviegoing experience. We are incredibly proud to preserve this historic New York institution so it can continue to be a cinematic home for film lovers," said Netflix chief content officer Ted Sarandos. Netflix is also making plans to secure The Egyptian Theater in Hollywood from the American Cinematheque, sources say. The Paris Theater is one of the country's oldest art house theaters in history.