The renowned Grauman's Chinese Theatre in Hollywood, Los Angeles, was renamed the TCL Chinese Theatre on Friday, after TCL Corporation, a major Chinese electronics company, bought the naming rights for 10 years.

The new logo was unveiled at a ceremony held in the forecourt of the theatre and hundreds of celebrities and media members attended the late-morning event.

"Today, TCL entered into partnership with the Chinese Theater in Hollywood, which features long history and cultural achievement, " said Li Dongsheng, Chairman of the Board and Chief Executive Officer of TCL Corporation.

"This is not only a part of the TCL strategy in developing global and U.S. market, but also a great opportunity for us to understand in depth the society, the culture and business environment in the United States," he said.

Under a 10-year agreement between TCL and the owners - producers Elie Samaha and Donald Kushner, the major Chinese company will upgrade the theatre's sound system and projector and make other refurbishments.

Samaha and Kushner purchased the theatre from a joint venture of Warner Bros. and Viacom Inc. in 2011.

According to Kushner, TCL has promised to upheld the long legacy in the theatre while also "brings it into the future and make sure it stays as the ultimate destination for people across the world."

The Los Angeles Times reported that the Chinese company will fork over 5 million U.S. dollars for its name to be emblazoned over the structure.

"I believe we will take advantage of this chance to make sure this will be a place which brings movie fans and visitors beauty, and grace of arts, technology and innovation," Li added. Endi

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