The Academy Awards will remain in Hollywood and its venue, formerly the Kodak Theatre, will be renamed the Dolby Theatre, officials announced Tuesday.
The 20-year contract to keep the award ceremony in Hollywood was signed by the Academy of Motion Picture Arts and Sciences and the owner of the Hollywood & Highland Center, CIM Group.
Concurrently, Dolby Laboratories and CIM announced a 20-year agreement to name the venue the Dolby Theatre. Expect new signage to be unveiled in the summer.
Financial terms were not disclosed.
“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, in a press statement.
“The Academy’s Board of Governors believes that the home for our awards is in Hollywood. It is where the Academy and the motion picture industry are rooted,” said Tom Sherak, Academy President. “We are pleased to have a new agreement with CIM that will continue our longstanding partnership.”
“I’m thrilled that the Oscars are staying right where they belong – in
Hollywood – and that they’ve doubled down with a 20 year commitment
that reaffirms Hollywood’s standing as the entertainment capital of
the world,” said Councilmember Eric Garcetti in a press statement. His district includes the Dolby Theatre.
During Dolby's term of the agreement, which is effective this summer, the theater will be updated with new sound technology, beginning with the immediate installation of its recently released Dolby Atmos sound technology.
“Our partnership with CIM allows the Dolby Theatre to be the world-stage for the Academy Awards, and for Dolby innovation for decades to come. Dolby has long been an integral part of Hollywood and the entertainment industry,” said Kevin Yeaman, president and CEO of Dolby Laboratories. “Dolby is a brand recognized around the world for creating the best, most life-like entertainment sound experiences in any environment.”