The entertainment industry newspaper reported the Academy of Motion Picture Arts & Sciences notified the CIM Group last week that it may move the Oscars program, which has been held at the the company's Kodak Theatre in Hollywood since 2002.
"Our plan right now is to exercise this [option] and then see what happens, what goes on. We're open," Academy President Tom Sherak told the Reporter. "Personally, I love the Kodak. I'll say that until I'm blue in the face. I've been there since the very beginning. But in the next year the Kodak and others will come to us and the [Academy] board will make a decision at some point."
The Academy has a clause in its contract with CIM Group that allows it to consider somewhere other than the 3,401-seat Kodak Theatre after 10 years, which would be after the 2013 event.
"This is purely a business decision," a member of the Academy board of governors said. "The bottom line is we are going to look at other places and listen to all offers. We may ultimately decide to stay where we are if we can renegotiate a better lease."
A CIM Group representative said company executives were unavailable to comment about the Academy contract.