It’s time to break out the corporate checkbooks.
Eastman Kodak Co. received approval from a bankruptcy judge to end their 20-year sponsorship deal with landlord CIM/H&H Media for the naming rights of the Hollywood theater.
The home of the Oscars opened in 2001 and Kodak was paying $3.6 million a year for the naming rights.
The 131-year-old company filed for Chapter 11 reorganization last month. In a court filing, CIM claimed it was “not practically feasible” for the Kodak name to come down prior to the Feb. 26 award show.