The theatre that has played host to the Oscars since 2002, when it was built, has found a new sponsor.

The audio company Dolby has signed up to have its name associated with the theatre for the next twenty years.

The venue had previously been known as the Kodak Theatre (note the English spelling to make it sound more highbrow from the Americans), but the photography company went bust just before this year’s ceremony, which was officially listed as taking place at the Hollywood & Highland Center, named for the intersection where the shopping, dining and entertainment complex is based.

The CIM Group, which owns the site, has also announced a deal with the Academy of Motion Picture Arts and Sciences to host the Oscars for the next twenty years.

Dolby says it will start upgrading the sound system in the four-level, 3,400 seat theatre this summer, to turn it into what it called a “world-class showcase” for its current and future technologies.