Former Hollywood Exec Jeff Sagansky Negotiating Deal to Buy Dolby Theatre: Report
By Nick Trombola October 10, 2024 2:32 pm
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If the Academy Awards are still searching for a host this year, how about Jeff Sagansky?
The former president of Sony Pictures Entertainment, CBS Entertainment and former CEO of TriStar Pictures is reportedly in talks to buy the 180,000-square-foot Dolby Theatre, the Hollywood home of the Oscars ceremony, according to TheWrap. Sagansky spoke about the potential deal at a conference held by TheWrap earlier this week.
Other details of the potential deal, including price, were not immediately available.
The 3,400-seat theater opened in late 2001 and has hosted the Academy Awards since 2002. California Public Employees’ Retirement System (CalPERS) is the majority owner, although the theater is managed by Los Angeles-based Canyon Partners. The Dolby is at the heart of Tinseltown at the Ovation Hollywood shopping center, at 6801 Hollywood Boulevard, near the historic TCL Chinese Theatre and El Capitan Theatre.
Representatives for CalPERS did not immediately respond to a request for comment. A representative for Sagansky could not immediately be reached.
Sagansky might have some competition for the theater from some fellow Hollywood bigwigs.
Film producer and entrepreneur Elie Samaha was also reportedly in talks to buy the theater as a member in an investment pool, the Hollywood Reporter wrote in July. Samaha co-owns TCL Chinese Theatre, as well as Japanese restaurant Yamashiro Hollywood, the latter of which he put up for sale with partner Steven Markoff in July for $100 million.
Bloomberg reported late last year that the Dolby Theatre was up for sale and could fetch as much as $70 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
