The Eastman Kodak company wants to get its name off of the Kodak Theatre in a bid to save money.
Kodak, which recently filed for bankruptcy, wants to get out of a naming rights deal for the Kodak Theatre inked in 2000. The theater is where the Academy Awards have been held since 2002.
The company has asked the bankruptcy court to reject the $75 million, 20-year sponsorship agreement it signed in 2000 which put Kodak's name on the theater at the Hollywood and Highland complex, reports the Wall Street Journal. The deal was signed with the CIM Group, which operates the retail and entertainment complex.
The bills on the naming rights have been paid, but the next annual payment is $4 million, says the Hollywood Reporter.
If Kodak gets out, who will take the place of Kodak on the nameplate? Councilman Eric Garcetti, who is seeking the mayoral seat, is looking for suggestions.
Kodak wants out of naming rights (and costs) for Kodak Theatre due to bankruptcy. Who should we approach for naming rights? Ideas?— Eric Garcetti (@ericgarcetti) February 1, 2012
Do you have ideas for who should replace Kodak's name on the Kodak Theatre? Give us your ideas in the comments or tweet them with #KodakTheatre and we'll forward your suggestions on to Garcetti and his team.
Photo by Troy David Johnston at flickr