The Oscar theater has got a new name, and The Kodak Theater it will be. The Eastman Kodak Co. will pay $75 million over 20 years to rightfully brand its name on the new Oscar ceremony home that’s currently under construction in Hollywood. The theater is expected to finish in time for the Academy Awards show in 2002.
The Academy of Motion Picture Arts and Sciences — who organizes the Oscars every year — was not part of the negotiations and will not benefit financially from the Kodak naming rights deal.
“We’re glad it’s a name that shares our history in the Industry. It’s a historic name that is as old as the Oscar,” John Pavlik, AMPAS spokesman, tells Hollywood.com.