Oscars to stay in Hollywood, at newly named Dolby Theatre
Oscars to stay in Hollywood, at Dolby Theatre
LOS ANGELES – Hollywood will remain the home of the Academy Awards ceremony for 20 more years under an agreement announced Tuesday between the Academy of Motion Picture Arts and Sciences and the owner of the Hollywood & Highland Center.
The venue formerly known as the Kodak Theatre will be renamed the Dolby Theatre under a 20-year naming-rights agreement between Dolby Laboratories and CIM Group, the owner of the shopping and entertainment complex at Hollywood Boulevard and Highland Avenue.
The theater has been the home of the Oscars ceremony since 2002. Rumors had swirled in recent months that the academy might move the event to another venue, after it initially declined to pick up an option to renew its lease at the theater after next year's ceremony. Some pundits speculated that the event would move to the Nokia Theater at L.A. Live in downtown Los Angeles.
"The academy's board of governors believes that the home for our awards is in Hollywood," academy President Tom Sherak said. "It is where the academy and the motion picture industry are rooted. We are pleased to have a new agreement with CIM that will continue our longstanding partnership."
Under the new contract, the Academy Awards ceremony will be held at the Dolby Theatre through 2033.
"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.
The Dolby Theatre includes 3,400 seats and 20 opera boxes.
"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 City Councilman Eric Garcetti, whose district includes the theater.