CIM GROUP CLOSES TWO MAJOR TRANSACTIONS…
The Academy of Motion Picture Arts and Sciences and CIM Group announced today that the Academy Awards® will remain in Hollywood under a new 20-year deal. Concurrently, in a separate agreement, Dolby Laboratories, Inc. (NYSE:DLB) and CIM announced a 20-year agreement to name the Dolby Theatre™ — the iconic theatre at the Hollywood & Highland Center® and home of the Academy Awards since 2002– a showcase of technology innovation.
“Our ability to swiftly conclude two significant contracts with global entertainment leaders affirms Hollywood as a thriving district, the Dolby Theatre as the ultimate entertainment showcase and Hollywood & Highland Center as a cornerstone for both the local and entertainment communities,” said Shaul Kuba, Co-Founder of CIM Group, owners of the Hollywood & Highland Center. CIM is an investor in communities throughout North America and the largest commercial real estate owner in Hollywood. In 1998, CIM Group identified Hollywood as an emerging urban district that meets the firm’s strategic investment guidelines and is headquartered there. Since then, it has acquired and developed a portfolio of properties that include office, retail, hotel and multifamily residential properties.
Under the new contract with the Academy, the Dolby Theatre will host the Academy Awards through 2033. The Dolby Theatre features 3,400 seats on four levels and 20 opera boxes, one of the largest stages in the United States with state-of-the-art infrastructure designed for a variety of programming including live broadcast.
“The Academy’s Board of Governors believes that the home for our awards is in Hollywood. It is where the Academy and the motion picture industry are rooted,” said Tom Sherak, Academy President. “We are pleased to have a new agreement with CIM that will continue our longstanding partnership.”
Dolby is a global brand and industry leader in creating the best entertainment experiences. During the term of the Dolby Theatre agreement, which will commence this summer, Dolby will continue to update the theatre with innovative, world-class technologies to ensure that the theatre remains state-of-the-art, beginning with the immediate installation of its recently released Dolby® Atmos™ sound technology. Financial terms were not disclosed. The Dolby Theatre amplifies Dolby’s commitment to innovation as a leader and creator of the most realistic and immersive entertainment experiences.
“Our partnership with CIM allows the Dolby Theatre to be the world-stage for the Academy Awards, and for Dolby innovation for decades to come. Dolby has long been an integral part of Hollywood and the entertainment industry,” said Kevin Yeaman, President and CEO of Dolby Laboratories. “Dolby is a brand recognized around the world for creating the best, most life-like entertainment sound experiences in any environment.”
For 34 consecutive years, films released with Dolby audio technologies have earned Academy Award nominations for outstanding sound quality.
ABOUT CIM GROUP
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, Bay Area, Bethesda and New York, CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas; Stabilized/Core or well-positioned operating properties in transitional districts; and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit http://www.cimgroup.com.
ABOUT THE ACADEMY
The Academy of Motion Picture Arts and Sciences is the world’s preeminent movie-related organization, with a membership of more than 6,000 of the most accomplished men and women working in cinema. In addition to the annual Academy Awards—in which the members vote to select the nominees and winners—the Academy presents a diverse year-round slate of public programs, exhibitions and events; provides financial support to a wide range of other movie-related organizations and endeavors; acts as a neutral advocate in the advancement of motion picture technology; and, through its Margaret Herrick Library and Academy Film Archive, collects, preserves, restores and provides access to movies and items related to their history. Through these and other activities the Academy serves students, historians, the entertainment industry and people everywhere who love movies. http://www.oscars.org.
ABOUT DOLBY LABORATORIES
Dolby Laboratories (NYSE:DLB) is the global leader in technologies that are essential elements in the best entertainment experiences. Founded in 1965 and best known for high-quality audio and surround sound in environments from the cinema to the living room to mobile devices, Dolby creates innovations that enrich entertainment at the movies, at home, or on the go. For more information about Dolby Laboratories or Dolby technologies, please visit http://www.dolby.com.
Dolby and the double-D symbol are registered trademarks of Dolby Laboratories. S12/XXXXXX DLB-G