Oscars Staying in Hollywood

In what ranks as an epic Tinseltown version of killing two birds with one stone, it was announced today that for the next 20 years, the Kodak Theatre will be known as the Dolby Theatre, with the venue’s gold-standard tenant faithfully returning each winter for the duration to throw the annual Academy Awards bash.

From the press release:

“Our ability to swiftly conclude two significant contracts with global entertainment leaders affirms Hollywood as a thriving district,” said Shaul Kuba, co-founder of CIM Group, owners of the Hollywood & Highland Center…

“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.”

This is quite the coup for Dolby Laboratories. Founded in 1965, the firm has already outlined a major planned upgrade:

Dolby will start its enhancement of the 180,000-square-foot, 3,400-seat theatre first by installing Dolby Atmos – a breakthrough audio technology that delivers the most natural, life-like sensory experience – then continue to update the Dolby Theatre with newer technologies as they arrive. These improvements will make the Dolby Theatre a top venue for the world’s biggest movie premieres and launch events for years to come.

[Illustration courtesy dolby.com]

Previously on FishbowlLA:
Dolby Negotiating Naming Rights to Former Kodak Theatre
Are the Oscars Headed to the Nokia Theatre?