Hollywood retains Oscars at renamed Dolby Theater

Kodak_tallIt’s the first day of May, but the Oscars are making news.

The Academy of Motion Picture Arts and Sciences has struck a 20-year agreement to stay at the Hollywood and Highland Center, where the Oscars venue will now be called the Dolby Theater.

AMPAS’ deal with venue owner CIM Group comes after a months-long flirtation with a possible move via an out clause that was triggered this year. While that was going on, Eastman Kodak was able to wiggle out of its sponsorship deal as part of its ongoing bankruptcy.

Tuesday’s announcement of the two separate agreements brings apparent stability through 2033 to the location of the Oscars, which many had hoped would find a way to stay in Hollywood. The erstwhile Kodak Theater has hosted the Oscars since 2002.

“We’re very happy,” AMPAS prexy Tom Sherak told Variety. “We couldn’t be happier to still have the awards in Hollywood. That was an important part of what the board wanted. This was a board decision. We had more offers, but in the long run, after we (looked at) all the offers, the board felt Hollywood is the home of the Academy Awards, and we should stay there.” …

The new signs should be up in a matter of weeks. Read the rest of the story here.

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