ACADEMY AWARDS TO STAY IN HOLLYWOOD!

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.

Of the deal, Academy President Tom Sherak said, “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. We are pleased to have a new agreement with CIM that will continue our longstanding partnership.”

Millions of Oscar fans around the world will agree, and also be pleased as well because, like movies about the Titanic, the Oscars® will now go on and on.

LINKS FOR MORE INFORMATION

CIM Group   Dolby Laboratories   Academy of Motion Picture Arts and Sciences  

What Happens to the Academy Awards If Kodak Files Bankruptcy?

Rumors are flying that the Eastman Kodak Company, founded by the late George Eastman (July 12, 1854 – March 14, 1932) may file for bankruptcy. If the company does, the Academy of Motion Picture Arts and Sciences could lose it's Oscar home over the last 10 years in the Kodak Theatre at Hollywood and Vine in Hollywood.

According to Entertainment Weekly, the company based in Rochester, N.Y., agreed to pay $75 million over 20 years for their name on the theater, owned by the CIM Group. With that agreement, Kodak, aligned its company identity each year with the biggest motion picture event in Hollywood.

However, according to sources, if an Academy move does happen, it's not likely until after the 2013 broadcast. Apparently, there are certain clauses in the contract that representatives for Kodak and the Academy are now studying. My former colleagues employed in the accounting offices at PricewaterhouseCoopers (PwC), will probably stay busy at the Academy after this year's awards.

Believe it or not, but the Academy may have outgrown the Kodak Theatre (seats 3,332), and other larger venues have opened in downtown Los Angeles, such as the Nokia Theatre (seats 7,100). On Wall Street, Kodak shares are no longer offered in dollars. At today's close, the price per share was 47 cents. Consequently, Kodak has apparently been warned by the New York Stock Exchange that its stock will be delisted if the price remains below $1 per share for the next six months.

Eastman Kodak has played a vital role in the development of motion pictures in America, helping to set the standard of 35 mm film, and introducing the 16 mm film format for home movies use and low-budget commercial films. Anyone remember Kodacolor, Kodachrome, and Technicolor in three colors?

But their biggest achievement was when the company introduced its first motion picture film designed especially for making sound motion pictures. If anyone knows anything much about American movies, they know that it was cooperation between George Eastman and Harry Warner of Warner Brothers Studios, that made the first synchronized sound, or "talkie," possible.  Eastman Kodak's first sound system for motion pictures was known as Vitaphone.

The movie wasn't a total talkie, but consisted of synchronized sound sequences dispersed within the 1927 black and white movie, The Jazz Singer, which had about 15 minutes of Al Jolsen singing. For more on Eastman Kodak's contribution, for which they have been awarded a number of Academy Awards, click.

Here is an appeal: If you are a investor, i.e., gambler, on Wall Street, please take a gamble on Eastman Kodak. Let's get those share prices up to at least $l.00!