Kodak Oscars U-turn ruled legal
A decision by Kodak to abandon its sponsorship deal with the Kodal Theatre, location of the annual Oscars ceremony, has been declared legal by a Manhattan judge.
The ruling means that Kodak’s name can be removed from signage but no decision has been made as to whether this must take place ahead of the February 26 ceremony.
Kodak signed a 20 year naming rights commitment for the Kodak Theatre in 2000 but under bankruptcy law has the right to terminate the remainder of its agreement.
Theatre owners, the CIM Group, had objected to an immediate cutting of ties but Judge Gropper said: “If you believe it would be better to leave the sign up, I suppose the result will be (Oscars host) Billy Crystal will make some joke about this being the Kodak Theater and Kodak being in Chapter 11.
"I think that damages Kodak more than it affects your client”