The Academy of Motion Picture Arts and Sciences has announced that it plans to keep the Academy Awards at the former Kodak Theatre located at Hollywood & Highland.
Additionally, Dolby Laboratories has signed on as the 3,400-seat complex’s new name sponsor, in a 20-year deal with owner CIM Group.
Dolby replaces Kodak, which filed for bankruptcy earlier his year. CIM began looking for a new sponsor when Kodak asked to be let out of its contract.
Although AMPAS had entertained offers to relocate the Oscar ceremony, the board voted unanimously in March to stay in Hollywood.
“As part of Dolby’s 20-year naming rights deal with CIM, which begins this summer, the theater will be renamed the Dolby Theatre and the technology company will upgrade it with its latest equipment, including a new sound system,” reports the Los Angeles Times.
“Along with getting its name mentioned frequently in the Oscars broadcasts and coverage leading up to the show,” reports CNN in a related article, “Dolby will use the theater as a ‘world class showcase for Dolby innovation,’ said Ramzi Haidamus, Dolby’s sales and marketing executive vice president.”
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