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.

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Copyright 2012 The Associated Press.

FROM THE INBOX: Outtakes Dallas is gearing up for the 12th annual film festival with its first screening set for March 17, 2011 at the Magnolia Theatre in Dallas. With a new managing director and screening schedule, this year’s festival is expected to reach a larger audience.

First screening scheduled for March 17, 2011 featuring “YOU SHOULD MEET MY SON!”

We just received word that on Nov 29 the sexy Jason Dottley and Debby Holiday will be performing the new single “Party Round the World” at the White Party in NYC to a crowd of about 3,000 guest. Barry Harris has also been noted as returning to the dancefloor with a killer latin explosive remix.

Dottley and Holiday are both currently on the road to promote their new single. The couple was spotted last night in NYC having dinner at Hell’s Kitchen.

UPDATE: Okay, I’m an idiot. The White Party is in Miami, FL., not NYC!

Peter Rauhofer’s infamous “Work” party has grown significantly over the past several years making its way around the globe with grand-scale events everywhere from Rio to Paris to Miami. On Saturday, June 27, the Grammy Award-winning DJ brings his “Work” party back to where it all started and makes it bigger than ever for New York Pride with “We Can!” at Manhattan”s massive Roseland Ballroom.

Late as always — Aside from experiencing the worst camping trip and boat ride of my life, I must say Austin, Texas has some pretty fine guys.

During Memorial Day weekend my friends and I made a drive down to Austin, Texas because we had nothing to do and my boyfriend was in Italy at the time.

Fortunately, the weekend we were there was also a Splash weekend. Basically all the gay clubs and queer social groups rent out boats and have a massive party on Hippie Hollow (nude beach) – minus the orgy. I was so excited to be on my first nude beach, but as luck would have it all the penises that us gays would rather see was covered up in swim trunks and the dudes that were nude either had three stomachs on them or were 40 years and older.

Nonetheless, I snapped some pics of the hotties at Splash. Next party is during Labor Day weekend!

Ladies, start your…iPods, yes, the winner of “RuPaul’s Drag Race”, America’s Next Superstar Drag Queen, Bebe Zahara Benet–and official RuPaul’s Drag Race Winner’s Tour DJ Mark Picchiotti are heading into the recording studio!

Though the two met for the first time at the “RuPaul’s Drag Race” finale/tour launch party in Manhattan earlier this spring, it was while criss-crossing the U.S., that diva and DJ quickly bonded and the inevitable deal was struck.

Immediately following this Friday’s (June 5) appearance at Asbury Park, New Jersey’s Club Paradise, Mark and Bebe will jet directly to Picchotti’s luxurious Chicago Blue Plate studio where they will record at least two dance singles.

Photos courtesy: PictureGroup/MTV

Taylor Lautner ruled the stage Sunday evening — that is, for the muscle worshipers — during the opening of the 2009 ‘MTV Movie Awards.’ The sexy wolf-man alongside cast mates premiered the first official trailer for Twilight’s ‘New Moon’ in which a shirtless scene of Lautner (Jacob) brought roars of climax amongst the audience.

‘Twilight’ took home 5-Golden Popcorn including one for “Best Movie.” Check out the pics from the award show plus the trailer of the ‘New Moon’ after the jump.

Camina Entertainment, Inc., is proud to announce that its latest short film, Martini the Movie will screen as part of QCinema Fort Worth! The screening will be held on Saturday, May 30 at 8:30pm at the Rose Marine Theater. Following the film, the star of the film Steven Jay Crabtree, will perform his popular live comedy show, Dysfunctional Divas.

Photos after the jump.

Don’t miss Lifetime’s new book-to-movie premiere of Leroy Aaron’s “Prayers for Bobby” January 24th at 9PM ET/PT.

Academy Award nominee and Golden Globe winner Sigourney Weaver stars in this emotional true story about a 1970′s religious suburban housewife and mother who struggles to accept her young son Bobby’s homosexuality. What happens to Bobby is tragic and causes Mary to question her faith; ultimately this mom changes her views in ways that she never could have imagined.

For those of you who live in Dallas, there is a free watching party for the new movie Saturday Night! Info after the jump.

On February 22 Playgirl.com will be taking over New Orleans’ Mardi Gras and throwing an event at the legendary country club on Louisa Street in the Bywater.

Join the clothing optional pool party with Playgirl Models Lucky Daniels and (not yet published ex Israeli army soldier) Playgirl.com stud Shay from 3 p.m. – 8 p.m. The Country Club is at 634 Louisa Street. Jacuzzi and full bar available.