Hollywood’s Dolby Theatre, the home of the Academy Awards ceremony, has been sold to JEBS Hollywood Entertainment, led by Elie Samaha.
The acquisition of the 3,400 seat theater was announced Tuesday by real estate brokers Avison Young, which represented the buyer. JEBS is led by Samaha, a longtime producer who has invested heavily in Hollywood entertainment, dining and nightlife destinations, and Sherwin Jarol, former Sony Pictures. Entertainment president Jeff Sagansky, Jonah Lazowski, Two Girls Holdings and Sheikh Abdulla Bin Mohamed Al Qasimi through his investment firm, Master Investment Group. The company also owns the TCL Chinese Theatre, adjacent to the Dolby, and Yamashiro restaurant, which it listed with Avison Young earlier this year.
Financial details were not disclosed, but Bloomberg reported last year the theater could sell for up to $70 million and said the Academy’s contract runs to 2028. The Academy had no immediate comment.