Warner Bros. isn’t the only Los Angeles institution getting absorbed into Skydance this month. The Bay Theatre in Pacific Palisades, which was formerly operated by Netflix and before that by Cinepolis, will be taken over by Paramount Pictures with San Diego’s The Lot handling operations. The opening is planned for later this year.
The Bay Theatre has been closed since the wildfires damaged much of the upscale Los Angeles community in January 2025. The five-screen multiplex is located in Rick Caruso’s Palisades Village shopping area, which reopened in August after extensive remediation and repairs due to the fires. The theater’s vintage-looking sign is a nod to the community’s historic Bay Theatre, which stood nearby on Sunset Boulevard until closing in 1978.
Caruso made the deal with Paramount to showcase first-run theatrical releases, classic films, events and special programming. The theater offers luxurious seating, state-of-the-art sound and projection, in-theater dining and signature cocktails.
“The theater will also serve as a dynamic entertainment destination that extends the theatrical experience beyond the screen, through experiential activations and immersive theatrical moments,” the companies said in a statement.
David Ellison, Chairman & CEO of Skydance, said in a statement, “Together with Caruso, we are proud to help bring the Bay back to life as a place for the Pacific Palisades community to gather around the shared experience of cinema. This theater has always meant more than movies alone – it’s woven into the fabric of this neighborhood, and helping restore it is a privilege. We’re inspired by the resilience of Pacific Palisades residents, and we’re honored to help support this community’s comeback.”
Caruso said, “Paramount is one of the world’s leading entertainment studios, with an extraordinary legacy of cinematic storytelling and, importantly, a deep commitment to the City of Los Angeles and to the future of the theatrical experience. Together, we see an opportunity to bring that to the Bay with the care, design and hospitality we’re known for, so that every visit feels special. The Bay has always been at the heart of the Palisades, and its return is one of the most meaningful signs yet that this community, following the reopening of the Palisades Village this summer, is coming back stronger than ever. David Ellison and I have a shared ambition to make it one of Los Angeles’ premier moviegoing destinations. I am grateful for David’s leadership and commitment to Los Angeles and the entertainment industry.”