MUMBAI: This year‘s Oscars will see one significant absentee that of Kodak as the company is cancelling its naming contract on the Hollywood Theatre.

In the midst of bankruptcy, the Eastman Kodak company requested permission to cancel the contract in an effort to improve the company‘s financial situation.

It has been reported that the original $74 million deal signed in 2000 gives the company naming rights to the theatre. Kodak‘s advisors now say that the benefits of having the company‘s name on the 3,300-seat venue aren‘t living up to the cost of the contract.
 
Receiving court approval on Wednesday, Kodak is having a hard time justifying the $4 million annual cost of the 20-year contract. It is understood that the Motion Picture Academy has a say in the new sponsor of the Hollywood theatre if they choose to continue to host the event there.

In case if the Academy chooses to move to a new venue, they lose their say on the theatre‘s name.