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Oscars ceremony to remain at Calif. theater for 20 more years amid venue name change to Dolby
LOS ANGELES (AP) ' The Oscars will be in Dolby.
The CIM Group, which owns the Hollywood & Highland Center, announced a 20-year deal Tuesday with the audio technology company Dolby Laboratories Inc. to name the Academy Awards venue 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 theater for 20 more years.
"The Academy's Board of Governors believes that the home for our awards is in Hollywood," Tom Sherak, president of the motion picture academy, said in a statement. "It is where the Academy and the motion picture industry are rooted. We are pleased to have a new agreement with CIM that will continue our longstanding partnership."
The four-level, 3,400-seat theater, formerly known as the Kodak Theatre, has been home to the Academy Awards since 2002. CIM Group dropped the Kodak name from the theater earlier this year after Eastman Kodak Co. filed for bankruptcy protection.
During this year's Oscar ceremony, host Billy Crystal jokingly referred to it as the "Chapter 11 Theatre."
Dolby said in a statement that it will use the theater 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 company said the said it would began enhancing the theater's sound system this summer when the naming agreement commences.
Follow AP Entertainment Writer Derrik J. Lang on Twitter at http://www.twitter.com/derrikjlang.