Paramount Took Over Pacific Palisades Bay Theater Lease
The studio intends to reopen the historic venue in Pacific Palisades later this year.
Updated on Oct. 13, 2026 in Film — General
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Paramount Pictures has secured a long-term lease for the Bay Theater at Palisades Village. The studio plans to reopen the venue, which closed following a fire in January 2025, before the end of 2026.
Why it matters
The takeover aims to provide a dedicated gathering space for the Pacific Palisades community. This move follows Paramount's broader organizational shift, including its October 2026 acquisition of Warner Bros. Discovery.
The Lot will manage operations for the theater, adding to its portfolio of 4 existing locations in California. The broader Palisades Village project recently completed $100 million in renovations.
The players
Paramount Pictures
This major film studio is responsible for producing and distributing feature films globally.
The Lot
This company operates multiple venue locations across California.
Netflix
This global streaming entertainment service previously leased the Bay Theater venue.
Warner Bros. Discovery
This media conglomerate was acquired by Paramount Pictures in October 2026.
The details
Paramount intends to upgrade the theater with new projection systems and in-seat food and drink service. The venue was previously leased by Netflix starting in 2021 before the facility was forced to shut down.
Timeline
2021: Netflix took over the Bay Theater lease.
January 2025: The Palisades fire caused the theater to close.
August 2026: Palisades Village reopened after renovations.
October 2026: Paramount acquired Warner Bros. Discovery.
Late 2026: The Bay Theater is expected to reopen.
Industry Dynamics
This acquisition aligns with the studio's need to maintain a robust distribution footprint following its merger with Warner Bros. Discovery. The theater serves as a strategic asset for Paramount as it fulfills the 30-film annual release requirement mandated by its recent settlement.
Residents can expect the return of local cinema screenings with added conveniences like in-seat food service. The renovations at Palisades Village already improved the surrounding retail and entertainment experience for the public.
The takeaway
The theater's reopening offers locals a return to in-person entertainment within the revitalized Palisades Village area. Patrons should look for updates on the specific grand reopening date as the studio finalizes its upgrades.
What happens next
The theater is expected to reopen to the public later in 2026.
Further reading
For more on industry developments, visit the Film — General section.
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