Oscars could be a Kodak-free moment

By the time the Kodak Theatre comes to life for the Oscars, it may no longer be the Kodak Theatre. Naming rights for the home of the Academy Awards could be up for grabs before the Academy Awards take place as sponsor Eastman Kodak, in the throes of bankruptcy, has petitioned the court to have its name removed as early as Feb. 15, when a hearing is set on the matter. That would leave just 11 days before the live broadcast of the 84th Academy Awards. Kodak, which has held the rights since the Hollywood & Highland-based theater opened in 2001, would save a rumored $4 million a year if the court lets it out of the contract. How quickly that request could be implemented -- and whether the theater could secure another sponsor in time for the Oscars -- isn't yet clear. A lawyer from KattenMuchinRosenman, which represents lease-holder CIM, declined to comment. The Academy has no say in the matter -- that is, until CIM arranges an alternative, whereupon AMPAS has veto power. "That is between CIM and whomever they get. That is not an Academy decision," Academy president Tom Sherak said at Wednesday's ballot-mailing ceremony in Beverly Hills, adding: "The Academy has a (contractual) right to make sure the name fits." Winning the rights could be a relative steal, considering the $700 million Farmers Insurance paid last year for putting its name on the new downtown football stadium. Besides the global TV exposure of the Oscars, the theatre is located in a complex with abundant foot traffic. Kodak's proposed withdrawal comes at a time when CIM has seen its most prestigious client exercising its right to shop for another venue, too; AMPAS has reportedly been talking with the Nokia Theatre as an alternative, though Sherak said talks with CIM were still ongoing. "The thinking was, if we have this right, let's exercise it and then let's go back and talk to them," Sherak explained. "We don't necessarily want to leave Hollywood." Contact Christy Grosz at christy.grosz@variety.com