Court Filing Seeks To Keep Kodak Theatre Name Intact
Updated: Wednesday, July 10 2013, 10:27 PM EDT
Rochester, NY / LA, Calif. - The company governing sponsorship of Theatre in Los Angeles says Kodak should not be allowed to get out of naming rights to the theater, according to .
Kodak recently asked a U.S. Bankruptcy Court in Manhattan for permission to end the sponsorship contract, citing significant savings from the termination.
The theater is the site of the Academy Awards.
Kodak bought the naming rights in 2000, agreeing to pay $75 million over 20 years.
Bloomberg says CIM/H&H Media LP, the company that assumed the contract, said in a court filing Wednesday that the name recognition of the Kodak Theatre “is the precise benefit Kodak sought in entering into the 20-year sponsorship agreement” and that backing out of the agreement is “not only legally impermissible, but practically impossible.”
According to the theater’s website, the Kodak Theatre has hosted the Academy Awards since 2001.
The 84th awards show is scheduled for Feb. 26.