00:00The Oscar ceremony will move from Hollywood to downtown Los Angeles beginning in 2029
00:05as part of a new long-term partnership between the Academy and AEG.
00:10The agreement, which runs through 2039, will see the awards hosted by the Peacock Theater in the LA Live Complex,
00:18which AEG owns.
00:20Academy officials say the deal includes major upgrades to the venue,
00:24such as improvements to its stage, lighting, sound systems, and backstage areas.
00:30The plaza, outside the theater, will also serve as a new home for red carpet arrivals and related events.
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