Los Angeles ( CNN ) -- The Hollywood home of the Academy Awards show has a new name to replace the one it lost when Eastman Kodak Co. filed for bankruptcy in January . The former Kodak Theatre is now the Dolby Theatre , thanks to a 20-year naming rights contract with Dolby Laboratories , a company known for its movie sound systems . Along with getting its name mentioned frequently in the Oscars broadcasts and coverage leading up to the show , Dolby will use the theater as a `` world class showcase for Dolby innovation , '' said Ramzi Haidamus , Dolby 's sales and marketing executive vice president . The sponsorship deal includes a commitment by the Academy of Motion Picture Arts and Sciences to keep the annual Oscars ceremony in the 3,400-seat theater for another 20 years ; it has been there since 2002 . `` The Academy 's Board of Governors believes that the home for our awards is in Hollywood , '' Academy President Tom Sherak said . `` It is where the Academy and the motion picture industry are rooted . '' There had been speculation that the Oscars could move to the newer Nokia Theatre at L.A. Live in downtown Los Angeles . Dolby would not reveal how much it was paying for the naming rights , but Kodak reportedly paid $ 4 million a year in the deal , initiated when the theater opened in 2001 . Dolby 's contract is `` very directly tied to the Oscars being held in this theatre , '' meaning the company could get out of the deal if the Academy moved its awards show before 2033 , Haidamus said . The company is `` working feverishly '' to produce Dolby Theatre marquee signage , which should be up within weeks , he said . The theater is in a retail complex at the intersection of Hollywood Boulevard and Highland Avenue , one of the world 's most-visited tourist spots .
A new naming rights deal creates the Dolby Theatre . Academy of Motion Picture Arts and Sciences decides to keep Oscars there another 20 years . Eastman Kodak 's bankruptcy removed film company 's name from the marquee in January . Deal ends speculation that Oscars could move to a newer theater .