Kodak theatre, home of the famous Academy Awards since 2002 will soon be changing its name. Coincidentally, the Academy Awards may be changing venues too. After Kodak filed for bankruptcy they have been working to remove their name from the iconic theatre located on Hollywood and Highland, which costs them roughly $4M a year. Their deal with CIM Group, owner of the entire mall located on Hollywood boulevard, was for 20 years and $75M. However, the company wishes to annul the deal in the interest of nursing their finances.
Whoever puts their name on the theater will gain worldwide recognition. The Oscar’s alone attracts audiences all over the world for the one night. Tourists from all over the world go to Hollywood Boulevard for picture taking, film viewing and general entertainment as well.
It seems the Academy of Motion Picture Arts and Sciences who honor film professionals with the distinct Oscar’s awards may be changing venues. Rumors say they may be going to L.A. Live center in Downtown L.A. near the Nokia Theater where the industry has held other red carpet functions, already. If they do move to L.A. Live in downtown, it will be a costly endeavor for AEG Group, owned by billionaire Philip Anschutz; a deal possibly worth more than $75M, but a welcome change for the industry.
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