Oscars to stay at same Hollywood theater for 20 more years

LOS ANGELES (KABC) -- After much speculation, the Academy Awards ceremony will stay in Hollywood, but the Kodak Theatre is getting a new name.

The posh four-level, 3,400-seat theater, formerly known as the Kodak Theatre, will be renamed the Dolby Theatre. Dolby is the audio technology company used by many film studios and movie theaters across the country.

"We are thrilled that Dolby is now the name of the theater because Dolby stands for excellence," said Academy President Tom Sherak in a statement. "It's a no-brainer for us."

Under an agreement announced on Tuesday, the Academy Awards will continue to be held in the building at Hollywood and Highland for the next 20 years, the CIM Group announced.

During this year's Oscar ceremony, host Billy Crystal jokingly referred to the space as the "Chapter 11 Theatre."

The renaming is scheduled for this summer. Financial terms of the Dolby deal are not being released.

The 85th annual Academy Awards are scheduled for Feb. 24, 2013.

The Associated Press contributed to this report.

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