The Oscars will be staying in Hollywood for another two decades thanks to a new deal signed by the Academy of Motion Picture Arts and Sciences on Tuesday.
The ceremony, which spent the last 11 years at the Hollywood & Highland Center's Kodak Theater, will still take place in the same building - which will be re-branded the Dolby Theater after Dolby Laboratories signed a 20 year deal for the naming rights to the venue.
When photography giant Kodak filed for bankruptcy in January it looked as if the awards show would be moving to the Nokia Theater in downtown Los Angeles; but while Dolby was entering their agreement with the CIM Group, which owns several of the buildings in the Hollywood & Highland Center along with the theater, Academy bosses were signing a new lease with the company to keep the show in the 3400-seat theater until 2033.
"The Academy's Board of Governors believes that the home for our awards is in Hollywood," Academy President Tom Sherak said in a statement.
Dolby plans on enhancing the sound system of the theater "to create a world-class showcase" for the company's current and future sound technologies.