HOLLYWOOD (CBS) — The Eastman Kodak Company Wednesday asked a U.S. bankruptcy court to void its 20-year $75 million contract with CIM Group, which gives it naming rights to the landmark theatre located in the Hollywood and Highland Center.

The venue, which seats more than 3,000 people opened in 2001 and became the first permanent home of the Academy Awards.

The naming of Kodak Theatre represented a 20-year marketing deal between Eastman Kodak and CIM, which its web site calls “one of the most significant non-sports corporate sponsorships in history.”

A spokesman for Kodak said Wednesday, “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.”

CIM Group declined to comment, citing the legal nature of the matter.

In addition to being the home of the Academy Awards since 2001, the venue has played host to international performing acts as well as the “American Idol” finals, Daytime Emmy Awards, and various other televised events.

Kodak’s request comes just weeks before the 84th Annual Academy Awards. The Academy of Motion Picture Arts and Sciences did not respond to a request for comment by the time of this post.

For at least 78 years, the Academy Awards Best Picture winner was produced on Kodak film.

The Hollywood Reporter said Wednesday a source at the Academy confirmed negotiations have begun with CIM to keep the Oscars ceremony at the theatre beyond the contract opt-out window in 2013.

Kodak filed for Chapter 11 bankruptcy protection Jan. 19.

Comments (6)
  1. Sage Advice says:

    I suggest renaming it for it’s original founder, “Ball Sack Hahn”.

  2. Woody McBreairty says:

    This is a horrible blow to the great progress that has been made in bringing Hollywood back to it’s oriiginal image of beauty & glamor. The area of the Hollywood & Highland has some breathtaking architecture, landmark attractions- Hollywood & Vine is beautifully restored and they are working at upgrading the rest of the Boulevard east to West and so far have been succeeding beautifully. I am really hurt & disappointed to see this fiasco with the Kodak occur. I only home that the Academy Awards remain there (where they belong) or at worst the theatre will contine to be a tribute to the movie industry in some or many other ways and help maintain the image of Hollywood as “the” movie capital of the world.

    1. Impossible Dreamer says:

      Point out the breathtaking architecture because I don’t see it. I see old world buildings which were breathtaking in their time, not today. Like Hollywood.

      Hollywood or much of Los Angeles was a very nice place in the heydays of Hollywood glamour and beauty, but we’re in a different world and society now.

      Its not only beautification of areas but the quality of people, and Woody, I’m sorry, its not 1942 anymore. Do a video research, you’ll be stunned at how L.A./Hollywood was then.

      1. Greg says:

        Impossible dreamer, when the heck was the last time you were in Hollywood? Woody is spot on about the Hollywood/Highland Center. It has beautiful architecture and old world styled Sculptures that depict those that once stood in different parts of Los Angeles.

        .If I remember correctly, some of them are real historic sculptures. Might want to get out of your basement for a change and see the world outside.

      2. Impossible Dreamer says:

        ^Greg – Born and raised baby. I saw the change. I’ve been up and down Hollywood from its Hollyweird days to today. Society has changed, old glam hollywood is but a brand to attract tourists (great! economic benefit!) and create more fauz-old-hollywood-glory for the movie business.