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Summary The film academy signs a 20-year deal to keep the annual Oscar show at Hollywood.
Soon after the annual Oscars show renamed as Dolby Theatre, the Academy of Motion Picture Arts and Sciences announced that it would keep the Academy Awards at the theater at Hollywood & Highland, negotiating a new 20-year deal with the CIM Group, which owns the complex.CIM also announced that Dolby Laboratories had signed on as the new name sponsor for the complexs 3,400-seat theater, taking over from Kodak, which had filed for bankruptcy.The film academys decision to stay in Hollywood follows months of discussions with other entertainment complexes, including AEGs L.A. Live, which was trying to lure the lucrative broadcast to its site downtown. With its 7,100-seat Nokia Theatre that hosts both the Emmy Awards and the American Music Awards, plus its large outdoor area and three ballroom options, L.A. Live was seen by some as an appealing alternative to the more congested Hollywood locale.But according to academy President Tom Sherak, the organizations March board meeting yielded a unanimous vote for staying in Hollywood.
