The Hollywood Theater, famously known as the Kodak Theatre, will now have to drop the name Kodak. Eastman Kodak Co. received the court’s approval to end its naming rights following the company’s filing for Chapter 11 bankruptcy protection last month. Theater owner CIM Group still declines to comment on the renaming issue.
Image Credit: kodak.com
In 2000, Kodak signed a $74 million naming rights deal with the Hollywood Theater. The company filed for bankruptcy protection in an effort to survive a liquidity crisis. Most notably known as the pioneer in film photography, Kodak’s income plummeted over the years as it failed to keep up with the shift to digital technology.
Image Credit: deadline.com
The Hollywood Theater has always been the venue for the annual Academy Awards. This year, the Oscars will be handed out on February 26.
