Kodak News; Feb. 22, 2012

Kodak Theatre

As part of Kodak’s bankruptcy protection, they asked the US Court for permission to back out of their sponsorship of the Theatre in Hollywood where the Academy Awards are held. Last week, the court agreed. Kodak had signed an agreement for 20 years sponsorship of the theater back in 2000 for a reported $74. It was announced today that for the awards show this Sunday that the opening will say “live from the Hollywood and Highland Center in Hollywood, California.” The building’s owner, CIM Group, declined to comment on the Academy’s decision to not include the Kodak name in this year’s awards. The name is still on the theater but it will probably be removed ASAP.

This is one many reductions in sponsorship for Kodak. Back in late 2007 Kodak announced that they would end sponsorship of the Olympics after the 2008 Beijing Games. Kodak had been one of the sponsors for the Olympic games since 1896. At the Olympics, Kodak ran an Image Center for photojournalists to edit and transmit their pictures of competitions, a diagnostic imaging clinic to treat athletes, and a facility for printing photos of accredited participants (AKA badges). They also were able to take advantage of selling film to all the attendees.

Kodak donated $10 million for major renovations to the main music hall in the Eastman Theatre in Rochester. At the dedication in Oct. 2009 it was renamed Kodak Hall. That will probably be the last of the huge donations to organizations around the area. During the bankruptcy protection, which will last a year to a year and a half, Kodak has to get court permission for any large transactions.