Photo: Shutterstock / Andy Z.
ROCHESTER, N.Y. (AP) — One big name that likely won’t be at this year’s Oscars: Kodak.The Eastman Kodak Co. received court approval Wednesday to end its sponsorship deal for the Hollywood theatre, which hosts the Academy Awards later this month.
Kodak signed a $74 million deal for naming rights to the theatre in 2000. The struggling photography company filed for Chapter 11 bankruptcy protection last month and subsequently decided it wanted to end its contract for naming rights of the glamorous Los Angeles theatre as it tries to improve its financial picture.
The company’s financial advisers say in court documents that the benefits of having the company’s name on the 3,300-seat Kodak Theatre aren’t worth the contract’s cost.
Kodak confirmed Wednesday that a U.S. Bankruptcy judge approved its request to end the deal.
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