The Academy of Motion Picture Arts & Sciences has signed a new 20-year deal with CIM Group, owner of the Hollywood & Highland Center, and Dolby Laboratories will take over the naming rights for what had been called the Kodak Theatre (Kodak is in bankruptcy protection and bailed from its deal with CIM.) So ends the brief hubbub that started a few months back when the Academy exercised its option to consider other venues for the Oscar show - despite strong indications inside the organization that it wasn't going anywhere. The Oscars will remain in Hollywood through 2033. From the press release:
"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."
As you might guess, terms of the deal were not disclosed, though a CIM official told the WSJ that the Dolby bid was "substantially above" the nearly $4 million a year that Kodak had been paying. At one point, CIM was looking to cut a naming rights deal for the entire Hollywood & Highland complex, but apparently that hasn't panned out.