In lieu of its recent financial woes, The Eastman Kodak Co. received court approval yesterday to end its $74 million sponsorship deal with the Hollywood Theater—right before the 80th Academy Awards takes place Feb. 26.
Kodak filed for Chapter 11 bankruptcy last month and wanted to end its contract rights for the glamorous theater as it tries to improve its finances. The company’s financial advisors said in court documents that the benefits of having Kodak’s name on the theater aren’t worth the contact’s cost. Kodak confirmed Wednesday that a U.S. Bankruptcy judged approved the request to end the deal.
Kodak also said that the termination is effective immediately, so it remains unclear to what name will be on the theater come Oscar Sunday. Although the theater will no longer read “Kodak,” the revered company will still have a presence at the award ceremony. Seven of the nine films nominated for “Best Picture” were shot on Kodak film.