The home of the Academy Awards, former Kodak Theater, is being renamed Dolby Theatre as the theater owner CIM group announced Tuesday a 20-year naming agreement with Dolby Laboratories.
The audio technology giant beat out 10 other bidders for the naming rights.
Dolby Laboratories said in a statement on its website that the Dolby Theatre would "serve as a showcase for the latest innovations from the leader in entertainment technology."
It said that Dolby would start its enhancement of the 180,000- square-foot, 3,400-seat theatre first by installing Dolby Atmos, a breakthrough audio technology that delivers the most natural, life- like sensory experience. The company will also continue to update the theatre with newer technologies as it arrives.
"These improvements will make the Dolby Theatre a top venue for the world's biggest movie premieres and launch events for years to come," the statement said.
On the same day, the Academy of Motion Picture Arts & Sciences and CIM also announced a new agreement to extend the lease to keep the awards presentation for 20 more years.
Kodak signed a 20-year contract in 2000 for naming rights of the Hollywood theater. However, the deal was terminated as the century-old photography giant filed bankruptcy earlier this year.
Under the new contract, the Dolby Theatre will host the Academy Awards through 2033.
Dolby Laboratories was founded by American Ray Dolby in London in 1965 and then moved back to the United States in 1975. Since the 1960s, Dolby Laboratories has been a leader in audio innovation.
Beginning with Dolby noise reduction, a form of audio compression and expansion that reduces background hiss in tape recording, Dolby Laboratories has developed many groundbreaking technologies, advancing the science of audio reproduction, including Dolby Digital 5.1 audio, Dolby Surround, Dolby 3D Digital Cinema and others.