Oscars venue renamed Dolby Theatre in new deal

The purpose-built theatre was inaugurated in 2001

The Hollywood venue that hosts the Oscars has been renamed the Dolby Theatre in a new sponsorship deal.

The 3,400-seater building, which has been home to the annual Academy Awards ceremony since 2002, was previously known as the Kodak Theatre.

Earlier this year a judge granted Eastman Kodak permission to end the $74 million, 20-year naming rights deal it signed in 2000.

Dolby has agreed a 20-year contract with theatre owners the CIM Group.

"The Academy's Board of Governors believes that the home for our awards is in Hollywood," said Tom Sherak, president of the Academy of Motion Picture Arts and Sciences.

"It is where the Academy and the motion picture industry are rooted. We are pleased to have a new agreement with CIM that will continue our long-standing partnership."

Kevin Yeaman, of British-founded audio technology specialists Dolby, said the partnership "allows the theatre to be not only the world stage for the Academy Awards, but for Dolby innovations for decades to come".

Eastman Kodak entered bankruptcy protection from its creditors in January this year after failing to keep up with competitors.

The 133-year-old company announced it was to stop making digital cameras in order to focus on more profitable divisions.