The “Los Angeles Times” reports that bankrupt camera and film giant Eastman Kodak Co. won court approval on to remove its name from the Hollywood theater that houses the Academy Awards. Kodak has been allowed to terminate its 20-year sponsorship offer signed in 2000, worth an estimated $72 million. However, it is not clear how quickly the Kodak name and signage will be removed from the theater, as it might be not practically feasible before the Academy Awards ceremony on 26 February.
Less than one month ago Kodak filed for Chapter 11 bankruptcy following falling sales and rising speculation about its ability to stay afloat. Since 2003, the company has laid off 47,000 workers and shuttered 13 manufacturing plants and 130 processing labs. Its stock, which ten years ago ago was trading at more than $20, was down in January to 36 cents.
Meanwhile, the Academy of Motion Picture Arts and Sciences has considered moving the Oscars ceremony to the Nokia Theatre in downtown Los Angeles as from 2014. A European sponsor for an American prize…when will it happen that an American brand will associate itself with the European Film Academy Awards?