- Parent Category: News
- Category: Location News
- Published on Saturday, 25 February 2012 06:00
- Written by By RYAN NAKASHIMA AP Business Writer
LOS ANGELES—Each year at the Oscars ceremony, Hollywood says goodbye to stars and filmmakers who've died. This year, the award show will bid adieu to the Kodak Theatre. Just a decade ago, the glamorous 3,300-seat venue was touted as the Oscars' first permanent home, but the 131-year-old Eastman Kodak Co. has forfeited its sponsorship of the venue as it struggles with bankruptcy.
The move symbolizes Kodak's fading star power in Hollywood. Although seven of the nine "Best Picture" nominees were shot on Kodak film, the industry's increasing use of digital editing and projection has ravaged the company's printing business.