Not only is the latest announcement from the Academy of Motion Pictures Arts and Sciences (AMPAS) good news for the organization, it is good news for the business of show as well.
AMPAS announced today that the Oscars are staying put in Hollywood.
Furthermore, they will call the theatre where it is house home for quite some time. During this past Oscars, an announcement was made and followed, not to refer to the building as the Kodak Theatre, because of their recent financial troubles. They were allowed to back out of the naming rights agreement. The name stayed through Oscar Week, however.
AMPAS and CIM Group announced that the Academy Awards® will remain in Hollywood under a new 20-year deal. Concurrently, in a separate agreement, Dolby Laboratories, Inc. and CIM announced a 20-year agreement to name the Dolby Theatre. The theatre is located the Hollywood & Highland Center®.
From the AMPAS release: "Our ability to swiftly conclude two significant contracts with global entertainment leaders affirms Hollywood as a thriving district, the Dolby Theatre as the ultimate entertainment showcase and Hollywood & Highland Center as a cornerstone for both the local and entertainment communities," said Shaul Kuba, Co-Founder of CIM Group, owners of the Hollywood & Highland Center.
Now, one must understand that during Oscar Week, some businesses are affected by the closing of the roads and the construction of the carpet, etc., but overall, keeping it where it is, brings comfort.
Under the new contract, the Dolby Theatre will host the Academy Awards through 2033.
"The Academy’s Board of Governors believes that the home for our awards is in Hollywood. It is where the Academy and the motion picture industry are rooted," said Tom Sherak, Academy President. It was Sherak and his staff who had to inform those covering the recent awards and the presented, winners and anyone appearing on stage, that they would refrain from saying Kodak - - in any form. The new name until now was the Hollywood and Highland Center. To get an idea of where it is located, when tuning in to "Jimmy Kimmel Live," it is directly across the street.
"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. Dolby has long been an integral part of Hollywood and the entertainment industry," said Kevin Yeaman, President and CEO of Dolby Laboratories.
Rumors were floating around for some time about this deal, and now it comes true. For many, it is a no-brainer, including from Dolby representatives themselves. "Dolby is a brand recognized around the world for creating the best, most life-like entertainment sound experiences in any environment," added Yeaman.
Sherak added, "We are pleased to have a new agreement with CIM that will continue our longstanding partnership."
* The Dolby Theatre features 3,400 seats on four levels and 20 opera boxes, one of the largest stages in the United States with state-of-the-art infrastructure designed for a variety of programming including live broadcast.