Dolby Theatre Deal Contingent on Oscars Staying Put
Dolby’s newly announced 20-year agreement to see its name up in front of the home of the Oscars, formerly known as the Kodak Theatre, is contingent on the Academy Awards staying at the Hollywood & Highland location. “As long as the Oscars are there, the Dolby Theatre will be there,” Ramzi Haidamus, Dolby Laboratories Executive VP Sales and Marketing said today in a conference call announcing the deal. Haidamus would not reveal financial terms of the deal Dolby made with landlord CIM Group other than to note that Dolby does have an opt-out clause if the Academy of Motion Pictures Arts and Sciences — who announced their own 20-year deal with CIM Group today — decides to move the Oscars from the present location. Haidamus also said that part of the contract called for frequent mentions of the Dolby Theatre during the Oscarcast. “This is much much more than putting our name on a building,” he said. “We’re looking at it as a broadcasting opportunity, a streaming opportunity and all types of branding opportunities.”|
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Calling Dolby’s sponsorship of the 180,000-square-foot theater “a once-in-a-lifetime opportunity, and we seized it,” Haidamus added that negotiations for naming rights began between Dolby and CIM “soon after Kodak relinquished the name.” The theatre name came up for grabs when Kodak Eastman filed for bankruptcy in January and pulled out of a 20-year rights deal, just before this year’s Oscars. The Dolby executive also said that “within weeks”, the Dolby sign would be up out front. “We are currently working feverously at updating every sign, Haidamus said. “New technology and 3D to be installed immediately and we will update the theater with our latest technology regularly.” Haidamus predicted big plans for the newly named venue beyond the annual Oscars broadcast, saying, “We want to make this the top theater around the world where all the studios will want their premieres.”
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