The Dolby Theatre is the “new” home of the Academy Awards.
Dolby Labs anounnced today that they are buying the naming rights to the former Kodak Theatre, located in the popular Hollywood and Highland center in Los Angeles, CA. Appropriately piggybacking this news is the announcement that the Academy of Motion Pictures Arts and Sciences has negotiatied with the theatre’s owner, the CIM group, to continue to hold the Oscars at the location through at least 2033.
The naming rights became available after the Eastman Kodak Co. went bankrupt and a federal judge allowed it to sneak out of its 20-year sponsorhsip deal (Saving Kodak approximatly $4 million a year). Kodak had been the naming sponsor of the venue for the last decade.
“The Academy’s board of governors believes that the home for our awards is in Hollywood; it is where the Academy and the motion picture industry are rooted,” stated Academy president Tom Sherak. “We are pleased to have a new agreement with CIM that will continue our long-standing partnership.”
Dolby said it will utilize the theater to “create a world-class showcase for Dolby’s current and future technologies, beginning with the company’s revolutionary new Dolby Atmos sound technology released last week.” CIM stated its pleasure with the newly crafted landscape as well, noting both Dolby’s impressive history in Hollywood and their satisfaction with hosting the annual awards show.