The Kodak Theatre in Hollywood has a new name. From now through 2033, the home of the Academy Awards is the Dolby Theatre. Audio technology company Dolby Laboratories Inc. acquired the naming rights after Kodak filed a motion to terminate its naming agreement.
The Hollywood theatre will debut its new name in time for the 2013 Academy Awards. The Dolby Theatre will also receive a ton of upgrades, including the brand-new 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,” said Kevin Yeaman, chief executive at Dolby.
While financial terms weren’t released, the Wall Street Journal reports that Dolby is paying “substantially above” Kodak’s annual fee of $4 million.