One of Hollywood's most iconic landmarks, Grauman's Chinese Theatre, is once again changing hands.

The Los Angeles Times reported on Thursday that a partnership between Warner Bros. and Viacom Inc. has agreed to sell the historic theater for an undisclosed sum to movie producers Don Kushner and Elie Samaha.

The grand opening of the theater, a landmark on the Hollywood Boulevard, n May 18, 1927 was one of the most spectacular events in Hollywood's history. The Grauman's Chinese Theatre is one of the most sought-after theatre in Hollywood for studio premieres.

Here's something about the theater's opulence and legacy from its website: Protected by its 40-foot high curved walls and copper-topped turrets, the theatre’s legendary forecourt serves as an oasis to the stars of yesterday and today. Ten-foot tall lotus-shaped fountains and intricate artistry flank the footprints of some of Hollywood’s most elite and welcome its visitors into the magical world of fantasy and whim known as Hollywood.

The theatre rises 90-feet high and two gigantic coral red columns topped by wrought iron masks hold aloft the bronze roof. Between the columns is a 30-foot high dragon carved from stone. Guarding the theatre entrance to this day are the two original giant Heaven Dogs brought from China.

The theater, whose exterior resembles a giant Chinese pagoda, was declared a historic-cultural landmark in 1968.