Oscars abandon Hollywood for downtown Los Angeles

The Oscars are moving to a new home, ending a more than two-decade run in Hollywood.

Since 2002, the gongs have been given out at the Dolby Theatre, formerly known as the Kodak Theatre, but from 2029, the Academy Awards will move to the Peacock Theatre in downtown Los Angeles.

The venue, located within the LA Live sports and entertainment complex, has been booked to serve as the Oscars' new home from the 101st ceremony until 2039.

The Dolby Theatre, in the heart of Hollywood, will continue to host in the intervening two years.

The decision is part of a new partnership between the Academy of Motion Picture Arts and Sciences and entertainment giant AEG.

"We are thrilled to partner with a global powerhouse like AEG," Academy CEO Bill Kramer, and Academy president Lynette Howell Taylor shared in a joint statement. "Their track record for building and operating technologically sophisticated live performance venues is unrivalled."

Since opening in 2007, LA Live's Peacock Theatre has become a premier destination for major events. It has hosted other high-profile ceremonies including the Emmys, the BET awards, the American Music awards and the MTV Video Music awards.

Also in 2029, the Academy will move its annual awards broadcast from the ABC to YouTube.