Dolby Wins Naming Rights For Oscar Theater
STEVE INSKEEP, HOST:
After much hand-wringing in Hollywood, a home for the Academy Awards ceremony has been secured, with a slight change. Our last word in business...
The envelope, please.
DAVID GREENE, HOST:
And the envelope is here. The theater that was formerly known as the Kodak will now be called the Dolby Theater. The audio technology company has signed a naming-rights deal with the real estate group that owns the property where the Oscar ceremony is held.
INSKEEP: Kodak, which filed for bankruptcy protection in January, gave up its naming rights. There were 10 bidders that wanted their name on the high-profile Hollywood Boulevard theater.
GREENE: Now in addition, the Academy of Motion Picture Arts and Sciences - also known as The Academy - signed a 20-year agreement to keep its glamorous awards ceremony at the theater. There had been reports the Oscars could move to another venue, maybe in downtown Los Angeles.
INSKEEP: But, for at least the next two decades, the Oscars will stay in Hollywood and be heard in Dolby sound.
And that's the business news from MORNING EDITION, on NPR News. I'm Steve Inskeep.
GREENE: And I'm David Greene. Transcript provided by NPR, Copyright NPR.