The Dolby Theatre, home to the Oscars for the past two decades (and through at least 2028), has a new owner.
An investment group led by Elie Samaha purchased the 3,400-seat Dolby in Hollywood. The deal even includes 1.5 acres of surface parking lots.
The theater had been managed and operated by investment firm Canyon Partners and owned by California Public Employees’ Retirement System. The parties have been in talks since July.
Samaha is a long-time producer, and in a bit of irony, the home of the Oscars is now owned by the guy who produced “The Boondock Saints” (he’s not involved with the new one) and “Battlefield Earth” — the latter is considered in some circles to be one of the worst movies ever made.
But Samaha is better known as the owner of the TCL Chinese Theatre, which is right next to the Dolby and still hosts plenty of premieres. Samaha’s firm JEBS Hollywood Entertainment LLC also owns the Fox Theatre, the Vogue Theatre, and the Hollywood restaurant Yamashiro.
As for the Oscars, the Academy Awards have called the Dolby home since 2002 (it was named the Kodak Theatre until Dolby bought the name rights in 2012), and they have a contract with the Dolby until 2028. It will be called the Dolby until at least 2032.
JEBS seems intent on keeping things as they are, but the group is also looking for ways to host more events and performances there throughout the year.
“The new ownership intends to continue its association with the Academy Awards while significantly increasing the number and variety of live performances, including many renowned Latin and other international acts,” Chris Bonbright of real-estate firm Avison Young, which represented the buyers in the deal, said in a statement to press.
The 97th Oscars take place on March 2, 2025. It’s still searching for a host.
The Academy Awards have some momentum. The 2024 show averaged 19.5 million viewers, according to Nielsen, the most for the awards show since COVID. Jimmy Kimmel emceed that show, but he seems pretty done with the gig — for real this time.