The Dolby Theatre will be the new name for the home of the Academy Awards. CIM, the company that owns the property, and The Academy of Motion Picture Arts and Sciences has just inked a 20-year deal.
Formerly known as the Kodak Theatre, this space has been the home of the Oscars since 2002 and the Academy’s Board of Governors believes that venue should remain the home. “We are pleased to have a new agreement with CIM that will continue our longstanding partnership,” said Tom Sherak, the standing Academy president.
This is a bold move for the Dolby Company, so the contract requires the Oscars to agree to remain in the building. Should they move, Dolby can opt-out.
The lease will connect the Dolby Theatre with the Academy from now until 2033. This venue was built specifically for the Oscars back in 2001, with 3,400 seats on four levels including 20 opera boxes. It is one of the largest stages in America with the capability to handle various programming.
Not far from where the very first Oscars took place at the Roosevelt Hotel in 1929, the Dolby Theater will be getting a complete state-of-the-art sound system upgrade. Dolby announced that the company would install its new Atmos sound system that they introduced to movie exhibitors in Las Vegas last week. In addition, the company will also upgrade the theater for 3D video capabilities.
