HELLO, DOLBY! Academy Awards venue gets new name

What's in a name? Everything and a lot of green.

Dolby, a company founded in the U.K. and headquartered in California, announced on Tuesday that it had signed an agreement with the CIM Group, owner of the Hollywood & Highland Center (yes, the one where the Oscars are held), bestowing its name unto the theater for the next twenty years. From now on, the home of the Oscars will be called the Dolby Theatre.

“Dolby has a long history of working with Hollywood and makes significant contributions to the entertainment industry,” said CIM co-founder, Shaul Kuba. “We are proud to welcome them as a partners.”

New York’s bankruptcy court had authorized Kodak, currently under reorganization, to breach its sponsorship agreement. The contract was valued at $ 3.6 million per year.

The theater, opened in November 2001, boasts 3,332 seats, and has been hosting the Oscars since.