The Kodak Theatre at Hollywood and Highland — the site of the annual Academy Awards ceremony — has been officially renamed the Dolby Theater, reports Reuters.
The theater will continue to host the Academy Awards. Dolby Laboratories announced Tuesday that it had purchased the naming rights for the 3,400-seat theater. The deal will last through 2033.
In a statement, Academy President Tom Sherak said, "The Academy’s Board of Governors believes that the home for our awards is in Hollywood."
The CIM group, which owns the theater and the rest of the complex, said it had signed a 20-year contract with the Academy of Motion Picture Arts and Sciences to keep the Oscars at the theater.
The annual Oscars telecast is the second-most-watched television broadcast each year, behind the Super Bowl, with this year’s Academy Awards being watched by 39 million viewers, the report notes.
Terms of the Dolby deal were not disclosed.