The Oscars are set to remain in Hollywood. Following the financial collapse of Kodak – whose titular auditorium hosted the ceremony for the past 10 years – it had been suggested that the awards might move from that surprisingly sleazy corner of Los Angeles.

Happily for purists, it has emerged that the Academy has reached a deal with the new proprietors and should remain in the venue for another two decades.

Set to reopen as The Dolby Theatre, the venue seats 3,400 and (ah, happier times for makers of celluloid) cost Kodak some $94 million to build.

“The board wanted to be in Hollywood,” said Academy president Tom Sherak. “It didn’t matter what the deal was, the board wanted to be there.”