Kodak Theatre Landlord Says Naming Rights Contract Still Enforceable
CIM/H&H Media LP, which sold the naming rights to Kodak Theatre, has filed an objection in U.S. Bankruptcy Court to the company's efforts to drop its sponsorship of Kodak Theatre less than three weeks before the Oscars are to be held at the venue.
The naming rights deal, signed in 2000, is for 20 years at a cost of $72 million, with an estimated $4 million in sponsorship fees due this year.
In a filing yesterday, CIM/H&H said that Kodak's request to cancel its contractual obligation is “not only legally impermissible, but practically impossible.”
At minimum, the company says that Kodak should be responsible for the contract through the end of 2012 to give the landlord time to remove the signage and find a new sponsor. In arguing for the contract to be upheld, CIM/H&H says that Kodak would receive value from the deal even if all signage came down due to the name awareness it has accrued since 2000.
More to come...