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20/02/2012
Kodak End Sponsorship With Oscars
The Academy Awards will no longer come from the Kodak Theatre now that that the photo firm has been allowed to end its sponsorship deal.
Eastman Kodak signed a $74m deal back in 2000 that entitled it to 20 years of naming rights but the firm has been fighting to end the deal. CIM Group, the real estate company that owns the theatre, objected but a judge ruled in Kodak's favour this week.
Kodak’s name does not need to be removed from the theatre's façade prior to the upcoming show at the end of the month but it is understood that after February 26th the future of the Oscars at the theatre is up for debate.
This news comes just after the 133-year-old company entered bankruptcy protection from its creditors last month after failing to keep up with competitors. The firm had to cease making digital cameras, they claim to focus on more profitable divisions.
Ironically seven of the nine films nominated for the best picture Oscar were shot using Kodak film.
(LB)
Eastman Kodak signed a $74m deal back in 2000 that entitled it to 20 years of naming rights but the firm has been fighting to end the deal. CIM Group, the real estate company that owns the theatre, objected but a judge ruled in Kodak's favour this week.
Kodak’s name does not need to be removed from the theatre's façade prior to the upcoming show at the end of the month but it is understood that after February 26th the future of the Oscars at the theatre is up for debate.
This news comes just after the 133-year-old company entered bankruptcy protection from its creditors last month after failing to keep up with competitors. The firm had to cease making digital cameras, they claim to focus on more profitable divisions.
Ironically seven of the nine films nominated for the best picture Oscar were shot using Kodak film.
(LB)
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