Kodak Asks To Be Removed From Oscars
According to The Hollywood Reporter, As part of its bankruptcy filling, Kodak has asked the courts for its name to be removed from the ceremony. The deal was struck in 2000 for Kodak to be a big presence for Oscar night but now it seems as though their presence might change.
The court documents states that Kodak currently has the rights to the theater in the Hollywood & Highland building where the ceremony has been held since 2002. Kodak says that they have asked the CIM Group which owns the mall where the complex is locating if they can get out of their contract earlier than anticipated.
The deal was worth $75 million over the span of 20 years, and the next annual payment is for $4 million. So far Kodak has been up to par on its payments, but the problems the photography business has been experiencing in lieu of digital cameras is heavily documented. The CIM Group and The Academy of Motion Picture Arts and Sciences will also be partying ways after the 2013 ceremony, which means a change of venue for the ceremony.
It is assumed that the academy was anticipating this move by Kodak and that’s the reason why they’re parting with the CIM Group, and felt CIM would have an easier time in getting leverage to find another company for the naming rights deal.
It is said that the academy will take a few months to decide whether or not it wants to say with Kodak for the ceremonies after 2013, or if they will move elsewhere. One popular venue mentioned for a possible place to house the awards is the downtown Nokia Theater in L.A. live.