The Oscars aren’t going anywhere.
The Academy of Motion Picture Arts and Sciences, which publicly shopped for alternatives to the Kodak Theatre as a place to host its awards show, has struck a deal that will keep it there for another 20 years.
Eastman Kodak, which is in an ongoing bankruptcy, will have its name taken off of the Los Angeles venue and now be called Dolby Theatre, coinciding with a 20-year naming deal between audio technology company Dolby Laboratories and facility owner CIM Group.
The theatre has hosted the Oscars since 2002, but the Academy has spent most of 2012 shopping for alternatives. There was speculation it was a scare tactic to negotiate a better lease, but there was also rumors they were being courted by AEG to come to the younger L.A. Live complex.
“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 is rooted,” Academy President Tom Sherak said. “We are pleased to have a new agreement with [venue owner CIM Group] that will continue our longstanding partnership.”
Dolby Theatre is located in the Hollywood & Highland shopping complex.