BEVERLY HILLS, Calif., May 1 (UPI) -- The Academy Awards will be held at the newly named Dolby Theatre at the Hollywood & Highland Center for the next 20 years, organizers said.
The Academy of Motion Picture Arts and Sciences and CIM Group announced Tuesday the Oscars would stay at the venue through 2033 under a new 20-year deal.
In a separate agreement, Dolby Laboratories Inc. and CIM announced a 20-year agreement to rename the theater at the Hollywood & Highland Center -- and home of the Academy Awards since 2002 -- Dolby Theatre.
From the time it opened in 2001 until earlier this year it was known as the Kodak Theatre. However, Eastman Kodak filed for bankruptcy protection and ended its sponsorship of the theater shortly before the 2012 Academy Awards ceremony was held in February.
"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," Shaul Kuba, co-founder of CIM Group, owners of the Hollywood & Highland Center, said in a 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 Academy President Tom Sherak. "We are pleased to have a new agreement with CIM that will continue our longstanding partnership."
"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 chief executive officer of Dolby Laboratories. "Dolby is a brand recognized around the world for creating the best, most life-like entertainment sound experiences in any environment."