When Hollywood rolls out the red carpet in 2013 for filmdom's Academy Awards, the venue will be the same, but it will be called The Dolby Theater, according to Reuters.
The Kodak Theatre in Hollywood has a new name. From now through 2033, the home of the Academy Awards is the Dolby Theatre. Audio technology company Dolby Laboratories Inc. acquired the naming rights after Kodak filed a motion to terminate its naming agreement.
The Hollywood theatre will debut its new name in time for the 2013 Academy Awards. The Dolby Theatre will also receive numerous upgrades, including the brand-new Dolby Atmos 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,” said Kevin Yeaman, chief executive at Dolby.
Audio company Dolby Laboratories said that it had purchased naming rights for the 3,400-seat theater that up until this year had carried the name of iconic film company, Kodak.
CIM group said it had signed a 20-year contract with the Academy of Motion Picture Arts and Sciences to keep the Oscars at the theater.
The theater carried Kodak's name since 2001 when it opened. Eastman Kodak Co withdrew from the naming rights agreement after filing for bankruptcy protection last January.
Financial terms for the deal with Dolby were not disclosed. Kodak had agreed to pay $75 million to CIM over some 20 years to have its name on the theater.
The 85th annual Academy Awards are scheduled for Feb 24, 2013./.