The theater The Academy Awards have called its home for 10 years has finally a new company's name to adorn the building: Dolby Laboratories.
The Kodak Theater will name be called The Dolby
Theater – after the Academy of Motion Picture Arts and Sciences and CIM Group, the real estate company owning the Hollywood and Highland property announced a 20-year deal to keep the Oscars at
the same location.
Eastman Kodak had been trying to get out of its Academy building naming rights deal since January– after the film company filed for bankruptcy.
Reports suggest
Dolby’s bid was above the nearly $4 million a year that Kodak was paying. Other reports suggest the Academy might have been considering other locations – such as the downtown Nokia
Theater.
Dolby Laboratories will also enhance the sound system of the Hollywood and Highland theater.