The Academy awards are safe now that Dolby has won the naming rights for the home of the Oscars.
What used to be known as the Kodak Theatre, is now Dolby theatre, according to the Los Angeles Times
The CIM Group, which owns the Hollywood & Highland Center, announced a 20-year deal on Tuesday with the audio technology company Dolby Laboratories Inc. to rename the Academy Awards venue.
In a separate but concurrent deal, the Academy of Motion Picture Arts and Sciences also inked a deal to keep the annual Oscars extravaganza at the theater for 20 more years.
Our ability to swiftly conclude two significant contracts with global entertainment leaders affirms Hollywood as a thriving district, the Dolby Theatre as the ultimate entertainment showcase and Hollywood & Highland Center as a cornerstone for both the local and entertainment communities, Shaul Kuba, Co-Founder of CIM Group, owners of the Hollywood & Highland Center, said in a statement.
Under the new contract with the Academy, the Dolby Theatre will host the Academy Awards through 2033. The Dolby Theatre features 3,400 seats on four levels and 20 opera boxes, one of the largest stages in the United States with state-of-the-art infrastructure designed for a variety of programming including live broadcast.
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, Tom Sherak, Academy President, said in a statement. We are pleased to have a new agreement with CIM that will continue our longstanding partnership, he added.
Under the agreement with Dolby, the company has committed to updating 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 Atmo sound technology.
Our partnership with CIM allows the Dolby Theatre to be the world-stage for the Academy Awards, and for Dolby innovation for decades to come. Dolby has long been an integral part of Hollywood and the entertainment industry, Kevin Yeaman, President and CEO of Dolby Laboratories, said in a statement.
While No financial details of the new agreements were disclosed, Kodak previously paid a $3.6 million annual fee for the naming rights.
The 85th annual Academy Awards are scheduled for Feb. 24, 2013.