The studio that hosts the Oscars shows annually has been renamed as the Dolby Theatre on Tuesday. Rights of the venue have been now taken over by the Dolby Laboratories that were being held by the bankrupt Kodak Company earlier.
“Dolby is a brand recognized around the world for creating the best, most life-like entertainment sound experiences in any environment,” said Dolby Laboratories chief Kevin Yeaman.
Courts in February have decided to cancel all the contracts of Kodak Company due to financial crisis and moral bankruptcy based on the rule “in the best interests of the debtors, their estates, their creditors and other parties”. Kodak Company was filed bankrupt back in January this year.
“This partnership with CIM allows the Dolby Theatre to be not only the world-stage for the Academy Awards, but for Dolby innovations for decades to come,” he added.