Oscars to stay in Hollywood at newly-named Dolby Theatre The posh four-level, 3,400-seat theatre, formerly known as the Kodak Theatre, has been home to the Academy Awards since 2002. CIM Group dropped the Kodak name from the theatre earlier this year after a bankruptcy court judge approved the early exit of 131-year-old Eastman Kodak Co from a 20-year naming rights deal it signed with CIM Group in 1999. Mr Sherak said the motion picture academy, which did not immediately renew its deal with CIM Group last year, briefly considered moving ceremonies to another venue but decided to keep the Oscars in Hollywood. "We got a number of suggestions from people saying, 'we'd love to have you,'" said Mr Sherak. We talked to them, and they gave us some offers that they would have loved to negotiate with us, but we stopped there because the board met and we decided we wanted to be in Hollywood with the awards show. Mr Sherak said the motion picture academy has approval over the theatre's name as part of the deal it negotiated with the theatre's previous owner. No financial details of the new agreements were disclosed. Kodak previously paid a $3.6 million annual fee for the naming rights. Dolby, which creates audio technologies spanning from homes to theatres, said in a statement that it will use the Hollywood venue to "create a world-class showcase for Dolby's current and future technologies, beginning with the company's revolutionary new Dolby Atmos sound technology released last week." The 47-year-old company said it would began enhancing the theatre's sound system this summer when the naming agreement commences. The 85th annual Academy Awards are scheduled for Feb 24, 2013.