The ill-fated camera company Eastman Kodak Co. may have lost more than just their fortune when filing for bankruptcy. Although this year's Academy Award ceremony will be held at the same venue, broadcasters will not be referring to it as the Kodak Theatre, according to a report from the AP.
The company has just received court order allowing them to drop their rights in regards to the theater's name. According to Academy of Motion Pictures Arts and Sciences President Tom Sherak, the auditorium will be referred to as the Hollywood and Highland Center, reported the AP.
Kodak is proud of its important role in the entertainment industry, and our long standing relationship with film makers, Kodak spokesman Christopher Veronda said in a statement to TheWrap in the beginning of the month. Our motion today reflects our commitment to ensure that we are maximizing value for our entertainment customers, creditors and other stakeholders.
The location has been known as The Kodak Theatre since 2002, after making a 20-year naming rights deal in 2000. The arrangement cost the company $72 million in annual installments of $3.6 million, according to The Hollywood Reporter. Although CIM opposed the motion to allow Kodak to break the deal after only 10 years, the court granted the motion.
Under the Contract, the Kodak plays a significant annual amount for, among other things, the naming rights related to the Kodak Theatre, the filing reads, according to Reuters. The Debtors have evaluated the Contract in consultation with their professional advisors and determined that any benefit related to these rights likely does not exceed or equal the Debtors' costs associated with the Contract.
The venue's official website still refers to the auditorium as the Kodak Theatre, with a section boasting the theater's history of hosting the Academy Awards.