Kodak Wants Out of Contract at Kodak Theatre
Updated: Wednesday, July 10 2013, 08:24 PM CDT
Rochester, N.Y. – wants out of its naming rights contract at Kodak Theatre in Hollywood, home of the Academy Awards.
According to a motion filed in bankruptcy court, Kodak has asked the judge to void the contract. Kodak bought the naming rights to the newly-built theatre in 2000. Kodak agreed to pay $75 million over 20 years, according to the Hollywood Reporter.
The court say, “…any benefit related to these rights likely does not exceed or equal the Debtors’ costs associated with the Contract. In contrast, the Debtors’ rejection of the Contract will represent a significant cost savings…”
The Academy Awards have reportedly been looking at other venues to host the Oscars, mindful of Kodak’s troubles and the expiration of its contract with the theater owner after the 2013 season.
"Kodak is proud of its important role in the Entertainment , and our long standing relationship with film makers. Our motion today reflects our commitment to that we are maximizing value for our entertainment customers, creditors and other stakeholders," the company said in a statement.
It’s not clear when the Kodak name could be removed from the theater, if the judge grants the motion. The awards ceremony is held February 26.