The Oscars will stay in Hollywood under a two-decade deal that will also give the theater a new name — Dolby Theatre, the owners of the Hollywood and Highland complex announced Tuesday. The theater, which had been called the Kodak Theatre, released Kodak from its naming rights contract shortly after the company went into bankruptcy earlier this year, and there was some speculation that the Academy of Motion Picture Arts and Sciences might move its awards show to another venue, such as the larger Nokia Theatre.
Under the new deal, the Academy will host the Oscars at the soon-to-be Dolby Theatre through 2033. Dolby Laboratories beat out 10 other bidders for the naming rights and is paying “substantially above” the nearly $4 million a year that Kodak had been paying, the Wall Street Journal is reporting.
L.A. Councilman Eric Garcetti, who had asked for suggestions for the theater's new name, said he was pleased the Oscars are remaining in Hollywood.
Happy to announce that Academy to keep Oscars in Hollywood for next 20 years; new name of theater is...(drum roll)... The Dolby Theatre!— Eric Garcetti (@ericgarcetti) May 1, 2012