By Aaron Blevins, 6/14/2012
Venue Will Remain Home to the Academy Awards
When Tom Sherak, the president of the Academy of Motion Picture Arts and Sciences, addressed the crowd from the soon-to-be unveiled Dolby Theatre on Monday, he said those present would always remember where they were on this day — because the Los Angeles Kings were going to win the Stanley Cup, and were leading the New Jersey Devils 3-0 in the first period at the time.
However, Sherak was also a part of a historic moment on Monday, when Dolby Laboratories officially put its stamp on Hollywood Boulevard. He welcomed the company to the home of the Academy Awards, which has been held at the venue, formerly known as the Kodak Theatre, since 2001.
“And it will be [home to the awards] for a long, long time to come,” Sherak said.
Kevin Yeaman, the CEO of Dolby, said the company is excited to be in Hollywood, though its audio technology has been used in films for many years. Some of that technology was demonstrated during the celebration.
“Hollywood is not a new area for us,” Yeaman said. “This theatre continues the making of a long and deep relationship with Hollywood. …It’s a real pleasure.”
Councilman Eric Garcetti, 13th District, also praised the new agreement between CIM Group, the company that owns the Hollywood & Highland Center, and Dolby, calling it an incredible new collaboration.
“We wanted to make sure we had a great partner,” he said.
After the speakers, several members of Cirque du Soleil’s Iris performed. Iris is a celebration of cinema that is held at the Dolby Theatre.
The audio technology company agreed to a 20-year deal for the naming rights of the theatre at the beginning of May. In the same week, officials announced that the Academy Awards had also signed a 20-year agreement, to keep the Oscars at the theatre.
Formerly the Kodak Theatre, the venue became nameless in January when Eastman Kodak filed for bankruptcy, and a judge allowed the company to terminate a 20-year agreement it had with CIM Group.