Bloomberg
Grauman's Chinese Theatre, a Hollywood landmark, has been sold and will now be called TCL Chinese Theater.
Grauman's Chinese Theatre will now be a little more authentically Chinese. The Chinese TV maker, TCL, will put its hand print on the name of the theater, according to the Los Angeles Times.
TCL paid more than $5 million dollars for the naming rights, per the report. The theater had been named after showman Sid Grauman since it opened in 1927. The theater will now be called TCL Chinese Theater.
The Chinese company is interested in raising its profile in America. Since the theater is regularly seen in entertainment coverage of movie premieres, the exposure will give the company exposure to entertainment-minded audiences. Per the report, the theater attracts 4 million visitors a year.
"This is one of the landmarks of North America," said Hao Yi, vice president of TCL Group. "It can be a bridge to link the cultures of China and North America."
TCL is not the first company to take over the naming rights. Many came to know the movie palace as Mann's Chinese Theatre, named after Ted Mann, owner the Mann theater chain. Mann bought the Chinese Theatre in 1973. When the Mann chain filed for bankruptcy, Warner and Viacom stepped in to buy the landmark.
The 10-year licensing deal will fund improvements to the theater property, per the report. TCL will also sponsor a national and international campaign to promote Hollywood and the theater.
"This is a monumental day," Samaha and Kushner 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."
Planned improvements include a new extra-wide screen, stadium seating, superior sound and projection systems, and a new box-office marquee on Hollywood Boulevard, per the Times.
Gina Hall is a Los Angeles-based writer and producer with more than 10 years experience in television, documentary and feature film production. She is a graduate of USC?s School of Cinematic Arts and blogs for the Huffington Post at huffingtonpost.com/gina-hall
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