Oscars to move from Dolby Theatre to Peacock Theater

LOS ANGELES (NBC, KYMA) - The Oscars are leaving Hollywood, but not Los Angeles as a result of a new partnership with the Academy of Motion Picture Arts and Sciences and AEG.

According to a press release, the awards ceremony will move from the Dolby Theatre to the L.A. LIVE Complex in 2029.

The 101st Academy Awards will be held in a 71,000 seat space currently known as the Peacock Theater. It's more than double the size of the Dolby Theatre, and will undergo extensive upgrades before the big move.

"We are thrilled to partner with a global powerhouse like AEG. Their track record for building and operating technologically sophisticated live performance venues is unrivaled," said Academy CEO Bill Kramer and Academy President Lynette Howell Taylor. "For the 101st Oscars and beyond, the Academy looks forward to closely collaborating with AEG to make L.A. LIVE the perfect backdrop for our global celebration of cinema, both for our live in-theater audience and for film fans around the world."

"L.A. LIVE was built to host the moments that define culture, and there is no greater global stage than the Oscars," said Todd Goldstein, Chief Revenue Officer, AEG. "We're proud to partner with the Academy to reimagine what the Oscars can look and feel like in the years ahead. Together, we will create an environment that celebrates creativity, honors excellence, and delivers an unforgettable experience for movie fans everywhere."

This comes a few months after the Academy announced the 101st Academy Awards will air on YouTube, also starting in 2029.