Dusty Sage posted this photo in "Thelma Todd Fans" on facebook.
Egyptian Theatre 1932, Thelma on the Marquee.
James L. Neibaur:
The featured advertised is Back Street, which was released December 30, 1932, so the closest Thelma-ZaSu short would be Sneak Easily, released on December 10, 1932. Guessing that's the one shown here.
Sid Grauman was the one that had the Egyptian Theater, he was the same one that had Grauman's Chinese Theater. He used to know Thelma Todd.