Graumman's Chinese Theateris the home to many premieres, birthday parties, corporate junkets and three Academy Awards ceremonies.
A Hollywood Walk of Fame landmark is getting a name change.
Grauman’s Chinese Theatre will become TCL Chinese Theater.
The Chinese TV maker announced Friday that it is buying the naming rights.
In its 85-year history, it has hosted the Academy Awards, held numerous movie premieres and draws millions to its Pagoda-styled courtyard grounds which bear the hand, footprints, and
signatures of some of the most popular movie stars.
TCL paid $5 million for the naming rights, according to the Los Angeles Times. The 10-year deal will allow for upgrades such as a new box office marquee along Hollywood Boulevard, the preservation of the “blade signs” on the building’s facade as an homage to theater founder Sid Grauman and new landscaping, lighting and painting.
The theater will also get improvements to its audio and video systems, its screen, new stadium seating and a refresh to the main lobby.
The deal allows for TCL to establish itself in the U.S. market as the company expands.
"We are proud to be associated with THE American icon of the movies,” said Li Dongsheng, chariman of TCL, is one of China’s biggest electronics. “As TCL expands its role in the home entertainment landscape of America, what better way to get started than to associate with a beacon of entertainment that everyone knows, loves and holds dear and familiar."
Producers Elie Samaha and Donald Kushner, who bought the theater in 2011, celebrated the deal.
"This is a monumental day," they said in a statement. "The milestone relationship between TCL and the Chinese Theatre will allow us to do many of the upgrades and the preservation projects we earmarked."