Academy Awards To Call Hollywood Home For Next 20 Years

LOS ANGELES (CBS) — The Oscars will be held at the renamed Dolby Theatre at the Hollywood & Highland Center through 2033.

Dolby Laboratories announced a deal Tuesday to retain the naming rights of the venue formerly known as the Kodak Theatre. Kodak had its name removed from the theater as part of the company's bankruptcy proceedings.

The deal is directly linked with the Academy Awards being held at the venue, Yeaman said. This year's Oscars took place at the theater, which was called the Hollywood & Highland Center in the interim.

Kodak's deal with the CIM group, which owns the theater, was to pay $4 million a year on a 20-year deal for naming rights for the theater. Dolby's deal is also 20 years, but Ramzi Haidamus, executive vice president of sales and marketing for Dolby, declined to discuss the financial terms of the deal during a conference call Tuesday.

Haidamus says the company will upgrade the sound system of the 180,000-square-foot, 3,400-seat theatre first and that the Dolby name will go up on the marquee within weeks.

"We're working feverishly on upgrading every sign imaginable," Haidamus said.