Fresh and hot to the inbox: the former Kodak Theatre at Hollywood & Highland has a new name and the Oscars will be staying there for a long, long time. According to a press release from H&H Center owners CIM Group, they've signed a 20 year deal with Dolby Laboratories, Inc. (best known as the audio guys) to rename the Kodak to the Dolby Theatre; "Kodak" was stripped off the building earlier this year after that company declared bankruptcy. They've also struck a new 20 year deal with the Academy of Motion Picture Arts and Sciences to keep the Oscars at the 3,400 seat theater: "Under the new contract with the Academy, the Dolby Theatre will host the Academy Awards through 2033."
AMPAS formerly had a 20 year agreement that would've been up in 2023--they also had the option to leave after 10 years and had reportedly been eyeing the Nokia Theatre at LA Live (or more likely using it for leverage). Meanwhile, Dolby's term atop the theater will start this summer and the company "will continue to update the theatre with innovative, world-class technologies to ensure that the theatre remains state-of-the-art, beginning with the immediate installation of its recently released Dolby® Atmos™ sound technology." None of the financial terms of the deals were released.
· Hollywood's Kodak Theatre Could Lose Name, Oscars [Curbed LA]