Owner of Kodak Theatre Opposes Name Change

Kodak Theatre in Hollywood, Calif. (Photo Credit: Robert Mora)

CIM Group, owners of the Kodak Theatre in Hollywood, Calif., have formally filed an opposition to Eastman Kodak’s motion to retroactively nullify their naming rights agreement.

VP of Marketing and Strategic Alliances for CIM Group, Annette Bethers, said that it is too early to comment but, “potentially, in three to four weeks, enough will be happening that we can give comment.”

With a hearing date of today, Feb. 15, hopefully there will be more information soon.

CIM Group did send Venues Today a copy of their filing with the U.S. Bankruptcy Court in the Southern District of New York. The group’s lawyers are Thomas Leanse, Dustin Branch, Jessica Mickelsen and James Truitt from Katten Muchin Rosenman.

The filing states that changing the name of the Kodak Theatre at this stage is “not only legally impermissible, but practically impossible.”

According to court documents, “Kodak contracted for exclusive naming rights to the theater for the duration of the Academy of Motion Picture Arts and Sciences License Agreement.” AMPAS signed a 20-year agreement to host the Oscars at the theatre at the Hollywood and Highland Shopping Center, and Kodak agreed to be the naming rights partner for the same amount of time that the awards were held at the venue.

In a section titled “Too Late To Turn Back,” the filing states that “the 2012 Oscars are now less than three weeks away and the promotional literature and advertising are complete and the marketing campaign is well under way.” The signage and invitations for the event have already been ordered.

Also, Cirque du Soleil has already spent about $3.6 million advertising their show Iris, which is set for a 10-year run at the theater. “Most, if not all, of the advertising material bears the Kodak Theatre name,” states the paperwork.

Cirque du Soleil Press & Media Relations Officer Leticia Buckley had no comment on the naming rights situation for the theater.

Eastman Kodak wants out of future obligations to the contract and, instead of making their scheduled payment Jan. 31, 2012, the company is also seeking to retroactively end the sponsorship agreement. This would mean that Kodak would have no payment to CIM Group in 2012.

Lawyers for the CIM Group wrote in the filing, “not coincidentally, Debtors’ attempted rejection occurs on the eve of the Academy Awards, after Kodak has already reaped the benefits of all the publicity arising from the 2012 Academy Awards.”

If the bankruptcy court does nullify the sponsorship agreement, the CIM Group filing asks the court to keep the agreement valid until the end of 2012 in order to have time to secure a new naming rights sponsor and change signage. “For 12 years, CIM and its predecessor worked with Kodak to engrain the ‘Kodak Theatre’ name into the public’s mind,” the paperwork continues. “For the very reason that CIM have been so successful in achieving this goal, CIM cannot now, in a matter of weeks, undo what has been built.”

As part of the $72-million, 20-year naming rights agreement, “signs bearing the Kodak Theatre name were not only placed in the theater itself and the property surrounding the theater, but also at street signs and in freeway offramp signage all around the City of Los Angeles,” states the filing.

“To date, Kodak has received no less than $500 million worth of advertisement, publicity and media exposure based solely on values stemming from the Academy Awards,” the court documents state.

Around 100,000 people have attended events at the Kodak Theatre each year, and that number is expected to grow to over 1 million visitors annually now that Cirque du Soleil has Iris at the theater.

Other events, including the American Idol Finals, the ESPY awards, Victoria Secret Fashion Shows and the Miss USA pageant have been held at the Kodak Theatre since its opening in 2001.

Interviewed for this story: Annette Bethers, (323) 817-0216; Leticia Buckley, (323) 308-6379; Jessica Mickelsen, (310) 788-4400