Written by: FFT Webmaster | February 22nd, 2012
One of the more shocking news stories of the past few months was the bankruptcy filing by Kodak, one of the industry’s pioneers that has left studios out millions and the landlord for the Oscar theater in the market for a new sponsor. Since the Academy Awards moved to the Kodak Theater at Hollywood & Highland a decade ago, the 131-year-old company’s name has been synonymous with the Academy Awards. That could soon change. Last week, Kodak asked a U.S. bankruptcy court judge to allow it to get out of its $75 million naming rights deal with the real estate company behind the complex. If Kodak gets approval to withdraw its sponsorship, CIM Group, the developer of the mall, is free to seek another corporate sponsor, but the Motion Picture Academy’s board of governors can veto the choice. The Academy’s Board of Governors is weighing a move to a new venue, which would be a seismic shift in Los Angeles politics and the continued economic recovery of the once-blighted Hollywood district.