Topline:
A group of more than 30 Hollywood directors led by Jason Reitman have signed a deal to purchase the 93-year-old Westwood Village Theater near UCLA.
Why now: The Spanish Mission-style building with its iconic 170-foot neon-lit “Fox” tower was put up for sale last summer through Newmark Capital Markets and the family owned company Regency Theatres Group.
The backstory: Founded in 1931 as part of the chain of Fox theaters, the venue was given a historic cultural monument designation in 1988. The California-based Regency Theatres Group has operated the Village since 2010 and it most recently went up for sale last summer. Reitman and other directors purchased the building for an undisclosed price.
What's next: Reitman’s investment group includes people like Steven Spielberg, Guillermo Del Toro, Lulu Wang, Chloe Zhao, Emma Seligman and Christopher Nolan. The new owners plan on bolstering interest in the theater by displaying props, wardrobe, and prints from their own projects and personal collections in the 1,300-seat venue.
Go deeper: Westwood’s Once Booming Movie Theatre Culture Fading To Black