Oscars to stay in theatre for 20 more years
FILE - In this Feb. 26, 2012 file photo, an Oscar state is displayed outside the Kodak Theatre in preparation for the 84th Academy Awards in Los Angeles. The Academy Awards' home at Hollywood's former Kodak Theatre is being renamed the Dolby Theatre. Facility owner CIM Group on Tuesday announced a 20-year naming deal with the audio technology company Dolby Laboratories Inc. (AP Photo/Amy Sancetta, file)
LOS ANGELES, Calif. - The Oscars will be in Dolby.
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 as the Dolby Theatre.
In a separate deal, the Academy of Motion Picture Arts and Sciences revealed a new agreement to keep the annual Oscars extravaganza at the theatre for 20 more years.
"We are thrilled that Dolby is now the name of the theatre because Dolby stands for excellence," said Tom Sherak, president of the motion picture academy. "It's a no-brainer for us."
The posh four-level, 3,400-seat theatre, formerly known as the Kodak Theatre, has been home to the Academy Awards since 2002. CIM Group dropped the Kodak name from the theatre earlier this year after a bankruptcy court judge approved the early exit of 131-year-old Eastman Kodak Co. from a 20-year naming rights deal it signed with CIM Group in 1999.
During this year's Oscar ceremony, host Billy Crystal jokingly referred to the space as the "Chapter 11 Theatre."
Sherak said the motion picture academy, which did not immediately renew its deal with CIM Group last year, briefly considered moving ceremonies to another venue but decided to keep the Oscars in Hollywood.
"We got a number of suggestions from people saying, 'we'd love to have you,'" said Sherak. "We talked to them, and they gave us some offers that they would have loved to negotiate with us, but we stopped there because the board met and we decided we wanted to be in Hollywood with the awards show."
Sherak said the motion picture academy has approval over the theatre's name as part of the deal it negotiated with the theatre's previous owner.
No financial details of the new agreements were disclosed. Kodak previously paid a $3.6 million annual fee for the naming rights.
Dolby, which creates audio technologies spanning from homes to theatres, said in a statement that it will use the Hollywood venue to "create a world-class showcase for Dolby's current and future technologies, beginning with the company's revolutionary new Dolby Atmos sound technology released last week."
The 47-year-old company said it would began enhancing the theatre's sound system this summer when the naming agreement commences.
The 85th annual Academy Awards are scheduled for Feb. 24, 2013.
Follow Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang
MSN.ca Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
The one luxury that I would pay extra for when looking for a home:
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- An indoor swimming pool or hot tub
- Heated bathroom floors (no more cold feet!)
- A heated driveway … No more shovelling!
- A home cinema room