The new deal goes into effect this summer.

Credit: Dolby

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After some back and forth with CIM Group, commercial real estate owner of the theare (formerly known as the Kodak) at the Hollywood & Highland complex that has been home to the Oscars for the last decade, a new deal has been struck to keep the annual show there for another 20 years.

According to a press release, another deal was also struck, with Dolby Laboratories, Inc., to name the venue The Dolby Theatre. So it's goodbye Kodak, hello Dolby. And as Roth so pointedly noted a few weeks ago when these rumblings first began, it's somehow poetic and sad to see one of the last bastions and earliest creators of celluloid take its exit here as the company that created a digital 3D projection system steps in.

Of course, Dolby's major imprint has always been trailblazing in the world of audio. Indeed, further into the release it is noted that during the term of the agreement "Dolby will continue to update the theatre with innovative, world-class technologies to ensure that the theatre remains state-of-the-art, beginning with the immediate installation of its recently released Dolby® Atmos™ sound technology."

Said Dolby CEO Kevin Yeaman in the release, "Our partnership with CIM allows the Dolby Theatre to be the world-stage for the Academy Awards, and for Dolby innovation for decades to come.  Dolby has long been an integral part of Hollywood and the entertainment industry."

And, in the wake of a season built around reverence for Hollywood and the classic movie era, Tom Sherak added, "The Academy’s Board of Governors believes that the home for our awards is in Hollywood. It is where the Academy and the motion picture industry are rooted."

The Kodak Theatre is dead. Long live The Dolby Theatre.

A little bit about Dolby from the release:

"Dolby Laboratories (NYSE:DLB) is the global leader in technologies that are essential elements in the best entertainment experiences. Founded in 1965 and best known for high-quality audio and surround sound in environments from the cinema to the living room to mobile devices, Dolby creates innovations that enrich entertainment at the movies, at home, or on the go. For more information about Dolby Laboratories or Dolby technologies, please visit www.dolby.com."

What are your thoughts on the name change and the implications? Have at it in the comments section below.

For year-round entertainment news and awards season commentary follow @kristapley on Twitter.

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Kristopher Tapley
Editor-at-Large

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Kristopher Tapley has covered the film awards landscape for over a decade. He founded In Contention in 2005. His work has also appeared in The New York Times, The Times of London and Variety. He begs you not to take any of this too seriously.