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Kodak wants its name removed from Oscars venue
February 2, 2012, Thursday
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EASTMAN Kodak eased away from the Hollywood spotlight yesterday, asking to have its name removed from the theater that hosts the Oscars.
The once dominant photography company has asked a US bankruptcy court to void an estimated US$4 million-a-year contract and remove its name on the famous Kodak Theatre in central Hollywood as Kodak tries to preserve cash and restructure operations.
Kodak said in court documents it was filing a motion to reject the contract and that the theatre should take all steps necessary to remove Kodak's naming rights and the signage associated with it.
It was not immediately clear if Kodak's name will appear on the building during this month's upcoming Academy Awards on February 26, but a source familiar with the matter said several companies have approached building owner CIM Group about naming rights.
About 10 years ago, Kodak agreed to pay US$74 million to CIM to see its name for some 20 years on the facade of the 3,400-plus seat theater.
A spokesperson for CIM was not immediately available to comment.
"Kodak is proud of its important role in the entertainment industry and our long-standing relationship with film makers," the company said. "Our motion today reflects our commitment to ensure that we are maximizing value for our entertainment customers, creditors and other stakeholders."
Branding experts say the value of any naming rights should rise.
"I think there's so much media attention on Kodak and the circumstances of its bankruptcy that from a visibility point of view, the new company that puts its name there will get a lot of attention. And that has a lot of value," said Adam Hanft, CEO of Hanft Projects.
The once dominant photography company has asked a US bankruptcy court to void an estimated US$4 million-a-year contract and remove its name on the famous Kodak Theatre in central Hollywood as Kodak tries to preserve cash and restructure operations.
Kodak said in court documents it was filing a motion to reject the contract and that the theatre should take all steps necessary to remove Kodak's naming rights and the signage associated with it.
It was not immediately clear if Kodak's name will appear on the building during this month's upcoming Academy Awards on February 26, but a source familiar with the matter said several companies have approached building owner CIM Group about naming rights.
About 10 years ago, Kodak agreed to pay US$74 million to CIM to see its name for some 20 years on the facade of the 3,400-plus seat theater.
A spokesperson for CIM was not immediately available to comment.
"Kodak is proud of its important role in the entertainment industry and our long-standing relationship with film makers," the company said. "Our motion today reflects our commitment to ensure that we are maximizing value for our entertainment customers, creditors and other stakeholders."
Branding experts say the value of any naming rights should rise.
"I think there's so much media attention on Kodak and the circumstances of its bankruptcy that from a visibility point of view, the new company that puts its name there will get a lot of attention. And that has a lot of value," said Adam Hanft, CEO of Hanft Projects.
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