Abstract: A reel assembly for feeding, receiving and storing flexible strip material such as motion picture film. The reel is adapted to be mounted on the feed or take up spindles for a movie projector and permits film wound on the reel to be unwound either from the outside of the film windings or from the inside. The reel assembly includes a hub with an integral radial flange at one side and a removable cover that fits over the hub and flange and surrounds the hub and the strip material wound thereon. A movable or free annular side plate is adapted to be retained by the cover opposite the radial flange. Located within the hub is a film extraction drum slidably received for axial movement between a retracted detent position within the hub and an axially extended position partially outside of the hub and extending through a central opening in the free side plate.