The Academy of Motion Picture Arts and Sciences and CIM Group announced today that the Academy Awards® will remain in Hollywood under a new 20-year deal, confirmed until 2033.
They also announced that, in a separate agreement, Dolby Laboratories, Inc. (NYSE:DLB) will now own the naming rights for the iconic theatre, formerly known as The Kodak Theatre at the Hollywood & Highland Center, and home of the Academy Awards since 2002 -- a showcase of technology innovation. The agreement between CIM and Dolby will be for the same 20 years.
Shaul Kuba, Co-Founder of CIM Group, owners of the Hollywood & Highland Center said about the agreement, “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.”
Dolby is a global brand and industry leader in creating the best entertainment experiences. During the term of the Dolby Theatre agreement, which will commence this summer, Dolby will continue the updating of the theatre with innovative, world-class technologies to ensure that the theatre remains state-of-the-art, beginning with the immediate installation of its recently released Dolby® Atmos™ sound technology. Financial terms were not disclosed.
For 34 consecutive years, films released with Dolby audio technologies have earned Academy Award nominations for outstanding sound quality. 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.
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, Bay Area, Bethesda and New York, CIM has three distinct portfolios each diversified by geography and type of property.