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Bankrupt Kodak wants name off Oscar theatre

02/02/2012  | Reuters

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Exterior shots of the red carpet at the 82nd Academy Awards at Kodak Theatre in Los Angeles, Calif., on March 7, 2010. GETTY IMAGES/ABC/Adam Larkey

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Kodak files for bankruptcy
The Kodak Theatre may no longer shine with stars and golden statues on Oscar night in the years to come.

Eastman Kodak Co., which filed for bankruptcy last month, wants out of the naming rights deal at the Hollywood and Highland property it made in 2000. The flailing photography company has asked the CIM Group, which owns the mall that the theatre is housed in, to release the company from its contract. Kodak currently pays $4 million a year to have its name associated with the theatre — the whole deal is worth $75 million over 20 years, according to its bankruptcy court filing.

The Academy of Motion Picture Arts and Sciences told CIM Group in December that it would not renew their contract for the theatre to host the Oscars after 2013.

That doesn't mean the contract can't be re-negotiated from now until then, should Kodak be released from its deal and another company steps in with a new name. Academy officials are still open to venue discussions and are considering moving the Oscars out of Hollywood to downtown Los Angeles at the Nokia Theater.

"Hollywood and the Kodak, or whatever it's going to be called, is where the awards have been for the last 10 years, and we don't have any big reasons to want to leave," said Tom Sherak, Academy of Motion Pictures Arts and Sciences president. "But we'll make that decision as we negotiate."

The move would be a disappointment to some fans, as the awards ceremony has been at the Kodak Theatre since 2002.

Prior to its decade stay at the Kodak Theatre, the Oscars have had stints at the Biltmore Hotel and Los Angeles County Music Center downtown, at the Santa Monica Civic Auditorium in Santa Monica, at the Shrine Auditorium in South Central and at Pantages Theater and Grauman's Chinese Theatre in Hollywood. The first Academy Awards was presented in 1929 at the Hollywood Roosevelt Hotel.

"I mean you can't really take it away from Hollywood Boulevard," said Oscars fan Alex Eggebeen. "The Oscars have been here for how many years, the first Oscars was right here at The Roosevelt, and it's always been right here. It seems like something they should keep right here in Hollywood."

The Kodak Theatre cost $94 million to build, was completed in 2001 and was designed specifically to house the Oscars.
 
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