One big name that likely won’t be at this year’s Oscars: Kodak.

The Eastman Kodak Co. received court approval Wednesday to end its sponsorship deal with the Hollywood theater that is the venue for the Academy Awards.

Kodak signed a $74 million deal for naming rights to the theater in 2000. But the struggling photography company filed for Chapter 11 bankruptcy protection last month and wanted to end its contract for naming rights of the glamorous Los Angeles theater as it tries to improve its finances.

The company’s financial advisers said in court documents that the benefits of having the company’s name on the 3,300-seat erstwhile Kodak Theatre aren’t worth the contract’s cost.

Kodak confirmed Wednesday that a U.S. Bankruptcy judge approved its request to end the deal.

It’s unknown what name will be on the theater when the Oscars are awarded Feb. 26. Kodak said the termination is effective immediately and deferred questions on the theater’s name to the venue’s owners and the Academy of Motion Picture Arts and Sciences.

CIM Group, the company that owns the theater, declined to comment on the decision or the future of the theater’s name. A representative for the academy did not immediately respond to a request for comment.

In addition to the theater’s name, its owners may have to make other tweaks.

The theater has a George Eastman Room, named after Kodak’s founder, which displays one of the nine Oscar statuettes that Kodak has been awarded through the years for its scientific and technical achievements and contributions to the industry, according to the theater’s website

Kodak, based in Rochester, N.Y., is a photography pioneer but has been battered by competition and has failed to keep up with the shift from film to digital technology. It has been in a roughly decade-long turnaround but filed for bankruptcy protection when it ran short on cash.

The U.S. Bankruptcy Court in the Southern District of New York handling the case also approved a $950 million debtor-in-possession financing for Kodak on Wednesday that allows it to operate normally during bankruptcy, while it tries to sell its collection of digital-imaging patents.

Kodak spokesman Christopher Veronda said the company will still have a presence at the awards show. He noted that seven of the nine films nominated for the Oscar for best picture were shot on Kodak film.

____

Copyright 2012 The Associated Press.

If you enjoy corny lovesick movie lines, stories that take too long to develop, but still relic over a shirtless man then ‘I Am Number Four’ might just be up your alley.

Though the movie screamed cliché, I do have to admit that asides from the fat man behind me snoring his life away and one of my best friend moaning every time Alex Pettyfer came on screen shirtless, the graphics were kind of cool.

I Love You Phillip Morris star Jim Carrey recently sat down with Towleroad.com to discuss his new film, and his love of co-star Ewan McGregor. Check it out below! I Love You Phillip Morris is in select theaters today, and expands throughout December.

For nearly 3 decades, Sam Harris has starred on Broadway, on television and in concert. Perhaps no other artist has chiseled so completely, the niche of redefining the vast American Songbook, exploring songs from the 20’s up to today, and appealing to audiences of all ages in addition to his own signature repertoire.

It’s not quite as raunchy as ‘Brokeback Mountain,’ but Jake Gyllenhaal was as sexy as ever at the red carpet premiere of Disney’s ‘Prince of Persia.’

Set in medieval Persia, the story of an adventurous prince who teams up with a rival princess to stop an angry ruler from unleashing a sandstorm that could destroy the world. Which is why after the prince was tricked by a dying Vizier to unleash the Sands of Time that turns out to destroy a kingdom and transforms its populace into ferocious demons.

In his effort to save his own kingdom and redeem his fatal mistake, it’s up to the prince and the princess to return the sands to the hourglass by using the Dagger of Time, which also gives him a limited control over the flow of time.

The movie will release nationwide May 28. Check out the full gallery after the jump!

The official opening of Rio Carnival may be three days off, but Beyonce and Alicia Keys got the party started early as they took to the streets to film a new music video.

A massive crew of cameraman, lighting techs, and backup dancers took to the streets in a sparkling display that some say will rival the actual festivities of Rio Carnival. Beyonce can be seen shaking on a disused bus, while Alicia Keys had all eyes on her while they taped her rooftop scene.

The pair are currently filming a clip for their duet ‘Put It In A Love Song,’ which features on Alicia’s recently released album, The Element Of Freedom.

Alicia recently told MTV, “Her and I together was like re-united sisters. Most people get in the studio and don’t get a chance to really collaborate but we were in one room having a ball. ‘The energy was incredible.”

Alicia also said she’s keen for more collaborations.

Check out 20+ Behind-the-Scenes photos after the jump!!!

Rihanna brings on a psychedelic adventure with her latest video for the song “Rude Boy,” as well as bringing the sexy. Check out the latest video from Rihanna after the jump.

Okay Twilight fans, get ready to cream your pants — well this post is mostly aimed at members of Team Jacob.

Sexy werewolf-man-thing Taylor Lautner is set to host Saturday Night Live on December 12th, with musical guest Bon Jovi, not that anybody cares about the musical guest.

Everyone is too distracted by Mr.Lautner’s shirtless-ness anyways, I know I am.

‘New Moon’ left audiences across the nation with their jaws-dropped this past weekend as it made history as the 3rd biggest weekend opener ever, grossing an astounding $140.7 million at the box office.

Buff Bodies Blind ‘New Moon’

As successful and publicized as the movie was, it leaves me to wonder whether the success of ‘New Moon’ was due to the great story behind the series, or was it the bare-chested men that roamed the screen in 3/4th of the movie?

MTV President of entertainment Brian Graden savors the sunshine with a mystery male companion Monday afternoon.

Known as one of the most influential executives in reality programming history, Graden put on a reality show of his own, frolicking in the waves with his younger friend and being affectionate on the beach.

Graden, who was named one of the most powerful gay persons by Out Magazine, had reportedly planned on stepping down from his position to focus on writing a musical. In the meantime, it appears as though his focus may be on another work of art, his handsome young sidekick and holiday mate.

A picture is worth a thousand words, but the pic of Brian and his “friend” caressing each other after the jump is worth a million!