Academy Awards' New Home Dubbed Dolby Theatre
Posted on Wed May 2, 2012 09:35 AM PDT

Dolby-Theatre200.jpgLOS ANGELES, California (x17online) - The Academy Awards will be getting a new home come next year as the former Kodak Theatre in Hollywood will be renamed the Dolby Theatre.

The CIM group, who now owns the complex, announced Tuesday that Dolby Laboratories will become the new name sponsor for the theater that was Kodak's until its bankruptcy filing earlier this year.

CIM also negotiated a deal with the Academy of Motion Pictures Arts and Sciences to remain the sponsor of the complex and to host the Oscars through 2033.

“The Academy’s board of governors believes that the home for our awards is in Hollywood; it is where the Academy and the motion picture industry are rooted,” Academy president Tom Sherak said Tuesday. “We are pleased to have a new agreement with CIM that will continue our long-standing partnership.”