The Hollywood venue that hosts the Academy Awards has been renamed the Dolby Theatre in a new sponsorship deal.
The 3,400-seater building, which has been the abode to the annual Academy Awards ceremony since 2002, was in the past known as the Kodak Theatre.
Previously this year a judge granted Eastman Kodak permission to end the $74 million, 20-year naming rights deal it signed in 2000.
Dolby has approved a 20-year contract with theatre owners the CIM Group.
Tom Sherak, president of the Academy of Motion Picture Arts and Sciences(AMPAS) stated that the Academy's Board of Governors believes that the home for the awards is in Hollywood.He also added that it is where the Academy and the motion picture industry are rooted.He said that they were pleased to have a new agreement with CIM that will continue their long-standing partnership.
Kevin Yeaman, of British-founded audio technology specialists Dolby, stated that the partnership enables the theatre to be not only the world stage for the Academy Awards, but for Dolby innovations for decades to come.
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