The Academyof Motion Picture Arts and Sciences, which is the governing body behind the Oscars award ceremony, announced on Tuesday that it had signed a new 20-year deal with CIM Group to keep the annual awards show at the Hollywood and Highland Center through 2033. A Dolby Laboratories agreement with the owners of the complex to take over the naming rights to the theatre has also been confirmed, previously belonging to Kodak, which filed for bankruptcy.
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The agreement quells the rumours that the academy's board of governors was going to move its annual telecast downtown to the LA Live complex and its Nokia Theatre.
'The academy's board of governors believes that the home for our awards is in Hollywood,' LA times quoted Tom Sherak, academy president as saying.
'We are pleased to have a new agreement with CIM that will continue our longstanding partnership,' he added.
The Academy Awards have been held at the theater within the Hollywoodand Highland center since 2002, and the idea of a move downtown was viewed by Hollywoodresidents as a blow to the local economy and to the center itself, which built the 3,400-seat theater specifically to house the annual show.
A move downtown would have offered the academy more room for outdoor activities in addition to a theater with twice the occupancy of its current location.
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