The Academy of Motion Picture Arts and Sciences announced that it has signed a 20-year deal with CIM, owners of the Hollywood & Highland Center to keep the Academy Awards in the iconic theatre formerly known as the Kodak Theater. In a separate agreement, Dolby Laboratories has taken over sponsorship of the theatre, which will be renamed the Dolby Theater.
“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.
Under the new contract, the Dolby Theatre will host the Academy Awards through 2033. It features 3,400 seats on four levels and 20 opera boxes, one of the largest stages in the United States with state-of-the-art infrastructure designed for a variety of programming, including live broadcast.
“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.”
Dolby has pledged to update the theatre with innovative, world-class technologies to ensure that the theatre remains state-of-the-art, beginning with the immediate installation of its recently released Dolby Atmos sound technology.
“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 CEO of Dolby Laboratories.