“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, AEG’s chief revenue officer.
Goldstein also pledged to create an environment “that celebrates creativity, honors excellence, and delivers an unforgettable experience for movie fans everywhere”.
The eight-mile (12km) move to the Peacock Theater, which continues through 2039, will push the ceremony away from the iconic Hollywood sign. But it is also a homecoming of sorts for the Oscars.
Before moving to the Hollywood neighbourhood of Los Angeles, the Oscars for years were held in a central location at the Dorothy Chandler Pavilion and Shrine Auditorium.
“We are thrilled to partner with a global powerhouse like AEG,” Bill Kramer, the academy’s CEO, and Lynette Howell Taylor, its president, said in a statement. “Their track record for building and operating technologically sophisticated live performance venues is unrivaled.”
The move is the latest in a shake-up that coincides with the telecast’s departure from broadcast TV in the US to streaming.
The Oscars, which have aired for a half a century on ABC, will be streamed live and for free on YouTube starting in 2029.
They will continue to be held at the Dolby Theatre at Ovation Hollywood and televised live on ABC when the centennial ceremony is held in 2028.