- Title: USA: NEW KODAK THEATRE HOME OF THE ANNUAL ACADEMY AWARDS 2002 OPENS
- Date: 12th July 2000
- Summary: LOS ANGELES, CALIFORNIA, UNITED STATES (JULY 12, 2000) (REUTERS - ACCESS ALL) CONSTRUCTION UNDERWAY ON KODAK THEATRE, THE FUTURE HOME OF THE ACADEMY AWARDS
- Embargoed: 27th July 2000 13:00
- Keywords:
- Location: LOS ANGELES, CALIFORNIA, US
- Country: USA
- Topics: Entertainment
- Reuters ID: LVACADMQF0UKPDMN0TGBWLRLMME5
- Story Text: When the Oscars take up residence in their new home in 2002, it will be in a theatre bearing the name of a company famous for capturing movie stars and mortals alike on film Eastman Kodak Co. will pay $75 million for the right to have its name on a new theatre that will become the permanent home for the annual Academy Awards show starting in 2002.
"The Kodak Theatre will not only be the heart of Hollywood and Highland, it will be a place where yesterday and today meet the future" Kodak President for Entertainment Imaging, Joerg Agin said at a press conference announcing the naming of the theatre. "It's a theatre that will be the home of the Academy Awards, and other great entertainment events, and it will carry the name Kodak," Agin said, referring to the film industry's top honours, the Oscars, presented annually by Hollywood's Academy of Motion Picture Arts and Sciences.
The 180,000-square-foot Kodak Theatre will be part of a $567 million (usd) development at the corner of Hollywood Blvd. and Highland Ave. underway by TrizecHahn Corp.
The project, flanked by major Hollywood landmarks such as Mann's Chinese Theatre and the historic Hollywood Roosevelt Hotel, also includes night spots, television broadcast facilities, studio venues, retail outlets and restaurants. At the press conference, Academy President Bob Rehme made mention of the return of the Oscar ceremony to its roots.
"The Academy Awards are coming back to Hollywood where they belong. We began nearly three quarters of a century ago, just a few doors from here at the Hollywood Roosevelt Hotel.
And over the yearss we've also held the Oscars just across the street at the Chinese Theatre and right down the Boulevard at the Pantages Theatre," continued Rehme.
In recent years the Oscars have been held at either the Dorothy Chandler Pavilion, in downtown Los Angeles, or at the Shrine Auditorium, near the Watts section of the city.
Besides being a home for the Oscars, the Kodak theatre will also host many other major entertainment events.
A Kodak spokesman would not disclose terms of the deal, but sources close to it said Kodak will pay $75 million over 20 years for the naming rights.
Developers and building owners have found selling naming rights is a lucrative way to raise money or help cover development costs.
The project also will help Kodak capitalise on its historic link as a supplier of film and equipment to Hollywood dating back to the entertainment industry's earliest days, as well as reinforce its image as a player in Hollywood's digital future.
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