Global Entertainments

LOS ANGELES: The Hollywood area that hosts the anniversary Oscars appearance was renamed the Dolby Theatre on Tuesday, afterwards the audio avant-garde acquired allotment rights ahead captivated by broke camera aggregation Kodak.

Kodak pulled out weeks afore this year's Academy Awards appearance in February, and talks accept been advancing to acquisition a new advocate for the venue, abutting to the iconic Grauman's Chinese Theatre on Hollywood Boulevard.

Britain-founded, California-based audio technology avant-garde Dolby appear a accord with the CIM Group, which owns the Hollywood & Highland Center of which the Oscars area is part, to put its name on the area for the abutting 20 years.

"Dolby is a cast accustomed about the apple for creating the best, best life-like ball complete adventures in any environment," said Dolby Laboratories arch Kevin Yeaman.

"This affiliation with CIM allows the Dolby Theatre to be not alone the world-stage for the Academy Awards, but for Dolby innovations for decades to come," he added.

CIM Group co-founder Shaul Kuba added: "Dolby Laboratories has a continued history in Hollywood and has fabricated cogent contributions to the ball industry. "It is a admired all-embracing cast and technology innovator. We are appreciative to acceptable them as our accomplice on the Dolby Theatre at Hollywood & Highland Center," he said.

A defalcation cloister in February accustomed Kodak's appeal to abolish its arrangement with the until-then Kodak Theatre, cardinal that it was "in the best interests of the debtors, their estates, their creditors and added parties."

The arrangement amid Eastman Kodak and amphitheater buyer CIM was admired at $72 actor -- $3.6 actor per year for 20 years.

The theater, inaugurated in November 2001 with basement for 3,332, has hosted the Academy Awards back 2002.

Kodak, an iconic American close that alien ancestors of consumers to mass-market cameras, filed for defalcation in January.