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Big Deals: Oscars Will Stay in Hollywood for 20 Years in Re-Named Dolby Theatre
Rendering of the Dolby Theatre (Image used with permission)
Two big deals were announced today by The Academy of Motion Picture Arts and Sciences and the CIM real estate group, sealing the geographic fate of the Oscars for the next 20 years.
One agreement has the Academy Awards staying in Hollywood through the 2033 ceremony, and in a separate agreement, the naming rights of the theatre at Hollywood & Highland have been signed over to film tech innovator Dolby Laboratories, Inc. The venue will be renamed the Dolby Theatre.
Previously known as the Kodak Theatre, the 2012 Oscars found the venue temporarily dubbed the Hollywood & Highland Theatre as Kodak grappled with financial troubles after holding the naming rights to the custom-built venue that opened in 2002.
“Our ability to swiftly conclude two significant contracts with global entertainment leaders affirms Hollywood as a thriving district, the Dolby Theatre as the ultimate entertainment showcase and Hollywood & Highland Center as a cornerstone for both the local and entertainment communities,” said Shaul Kuba, Co-Founder of CIM Group, owners of the Hollywood & Highland Center.
Academy President Tom Sherak says the Board of Govenors who oversee the annual celebspectacular believe that Hollywood is the home of the Oscars. "It is where the Academy and the motion picture industry are rooted,” he said in today's release on the deals.
There had been some concerns that as early as 2013 the Awards might defect from Hollywoodland and head to DTLA's Nokia Theatre.
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