Kodak Asks to Pull Name from Theatre
By: Caroline Tucker
Updated: February 2, 2012
Kodak has asked a bankruptcy judge to get it out of its multi-million dollar naming contract for the Kodak Theatre.
This is a $75 million, 20 year deal.
It was signed in 2000.
So every year, Kodak has to hand over millions of dollars to have its name on the theatre that is also home to the Oscars.
But with its current finances, naming rights are more of a luxury for the company.
In December, it was reported that the Academy of Motion Picture Arts and Sciences might try to move the Oscars.
On Wednesday, according to the were new reports that say the Academy may be trying to continue its contract with the theater owner - the CMI Group.
But Oscars or not, Kodak is still asking a bankruptcy judge to get it out of its naming contract.
Financial experts say it shows that it might be an indication that Kodak is working to shed its consumer line, because naming rights are important for what consumers think.
Kodak released the following statement:
"Kodak is proud of its important role in the entertainment industry, and our long standing relationship with film makers. Our motion today reflects our commitment to ensure that we are maximizing value for our entertainment customers, creditors and other stakeholders," said Christopher Veronda, Kodak spokesperson.
The CMI Group is not commenting.
The CMI Group would need to get a new naming sponsor for the theatre.
