Eastman Kodak Co. is looking to get out of its naming rights contract with the Los Angeles theater that hosts the Academy Awards.
The Democrat and Chronicle reports that the iconic photography company filed a motion this week in U.S. Bankruptcy Court seeking to end its sponsorship agreement with Hollywood’s Kodak Theatre, the first permanent home for the Oscars.
Kodak’s name has been on the 3,200-seat venue since 2001.
The newspaper reports that Kodak’s legal paperwork says the company pays “a significant annual fee” for naming and other promotional rights to Kodak Theatre, though the documents didn’t specify how much.
Kodak filed for bankruptcy protection on Jan. 19. Dropping its Kodak Theatre sponsorship is among the proposed spending cuts the 132-year-old company is pursuing in its Chapter 11 bankruptcy case.