Kodak end sponsorship deal with Oscars venue
Published: 16th Feb 2012 11:36:34
The Academy Awards will no longer come from the Kodak Theatre after the photo firm was allowed to end its sponsorship deal with the Oscars' Los Angeles home.
Eastman Kodak had been seeking to end the $74 million, 20-year naming rights deal it signed in 2000.
CIM Group, the real estate company that owns the theatre, objected but a judge ruled in Kodak's favour this week.
CIM is not required to remove the Kodak name from the theatre facade before the Academy Awards are held on 26 February.
The venue, on Hollywood Boulevard, next to the famous Grauman's Chinese Theatre, has played host to the Academy Awards since 2002.
The CIM Group has made no comment on the ruling but is likely to seek a new corporate sponsor for the theatre.
Any new deal would require the approval of the Academy of Motion Picture Arts and Sciences, the organisers of the Oscars - but whether the Oscars will remain at the theatre is itself up for debate.
In December, the Academy exercised an option in its 20-year deal with the CIM Group that allows it to consider other venues, before deciding whether to recommit to the theatre for the final 10 years of its contract.
Earlier this month, Eastman Kodak announced it was to stop making digital cameras in order to focus on more profitable divisions.
The 133-year-old company entered bankruptcy protection from its creditors last month after failing to keep up with competitors.
Of the nine films nominated for this year's best picture Oscar, seven were shot on Kodak film.
At 12:58:39 in EnglandA poem about the killing of PC Keith Blakelock during riots in north London was written by the man accused of his murder, a court has heard.
At 12:58:21 in SportKent have announced a pre-interest and pre-tax profit of £156,778 for the financial year to November 2013.
At 12:56:04 in ScotlandA hamster has been found abandoned inside a plastic play tube in Edinburgh.
At 12:55:09 in BusinessThe sometimes fraught relationship between leaseholders and their freeholders is going to be investigated by the Office of Fair Trading (OFT).
At 12:54:04 in HeadlinesIndia's Supreme Court has ordered the continuing detention of businessman Subrata Roy and asked his firm to come up with a plan to repay its investors.
At 12:53:21 in SportCrystal Palace winger Jason Puncheon has been fined £15,000 by the Football Association and warned about his future conduct for Twitter comments he made in relation to former boss Neil Warnock.
At 12:52:43 in HeadlinesA second witness at the murder trial of South African athlete Oscar Pistorius has told a court in the capital Pretoria she was awoken by the sounds of a fight early on 14 February 2013.
At 12:42:01 in PoliticsThere is a risk that "deliberate provocation" could give rise to a dangerous incident in Ukraine, Foreign Secretary William Hague has warned.
At 12:41:48 in EnglandA residential treatment programme for addicts which closed in Yeovil is to reopen after the charity running it merged with another organisation.
At 12:40:03 in ScotlandPolice Scotland has exceeded its target to recruit 1,000 additional officers.
Harvard CitationBBC News, 2012. Kodak end sponsorship deal with Oscars venue [Online] (Updated 16th Feb 2012)
Available at: http://www.ukwirednews.com/news/225725/Kodak-end-sponsorship-deal-with-Oscars-venue [Accessed 9th Mar 2014]
News In Other Categories
A man in his 40s has been injured during what is believed to have been an attempted armed robbery in County Down.
Kent have announced a pre-interest and pre-tax profit of £156,778 for the financial year to November 2013.
Two hospitals missed opportunities to take action against a consultant breast surgeon who was performing unnecessary or incomplete operations, a review has found.
A hamster has been found abandoned inside a plastic play tube in Edinburgh.
There is a risk that "deliberate provocation" could give rise to a dangerous incident in Ukraine, Foreign Secretary William Hague has warned.
Fawlty Towers star Prunella Scales has "a sort of mild Alzheimer's", her husband Tim West has revealed in the Radio Times.