Kodak Theatre Out, Dolby Theatre In
By: Caroline Tucker
Updated: May 1, 2012
The Kodak Theatre has a new name.
Dolby Laboratories has signed a 20-year naming rights deal with the CIM Group.
It comes after Kodak was able to exit its naming rights contract on the theatre after filing for Chapter 11 bankruptcy.
How much Dolby paid for the deal is not being released.
The audio technology company says it will continue to update the theatre with state-of-the-art technologies and immediately install a new sound system.
Dolby has received numerous Academy Award nominaations for sound quality over the last three decades.
The Academy of Motion Picture Arts and Science also says it will continue to hold the Oscars at what will now be the Dolby Theatre.
That will continue through 2033.
The spokesperson for the CIM Group says the Kodak Theatre sign will be taken off of the building at Hollywood and Highland sometime this summer.
But the spokesperson says an exact date can not be given.
