Eastman Kodak Co. said in a new federal bankruptcy filing that it wants to end its naming rights deal for the 3,400-seat Hollywood theater that has hosted the Academy Awards for nearly 10 years.
Kodak, which recently filed for bankruptcy protection, said that it will ask Hollywood & Highland complex owner CIM Group to release it from its $75 million, 20-year sponsorship contract for the Kodak Theatre. The agreement was signed in 2000.
“The debtors have evaluated the contract in consultation with their professional advisers and determined that any benefit related to these rights likely does not exceed or equal the debtors’ costs associated with the contract,” according to court documents filed Tuesday.
The move was anticipated after Kodak sought Chapter 11 bankruptcy protection on Jan. 19. The Rochester, N.Y. company’s fortunes have faltered since both the motion picture industry and consumers began shifting from photographic film to digital technology.
Even so, its film was used to produce some of this year’s Oscar nominees, including “The Descendants” and “The Artist.” The awards will be given later this month at the Kodak Theatre.