Hollywood Elites Battle to Buy Dolby Theatre

Hollywood executive Jeff Sagansky and producer Elie Samaha are in a red carpet tug-of-war over the purchase of Hollywood’s Dolby Theatre, host of the annual Academy Awards show.

Both Sagansky and Samanha have talked to the owner to buy the 180,000-square-foot theater at the Ovation Hollywood mall at 6801 Hollywood Boulevard, the Commercial Observer reported, citing local media reports.

A year ago this month, the California Public Employees’ Retirement System listed the 3,400-seat theater and two parking lots for an undisclosed price. Sources said they could fetch $70 million — less than the $94 million cost to build it more than two decades ago.

Once known as the Kodak Theatre, the live-event stage has hosted the red-carpet awards show since it opened in 2001. It also has hosted “American Idol,” “America’s Got Talent” and a Cirque du Soleil spectacular.

Sagansky, former president of Sony Pictures Entertainment and CBS Entertainment, and former head of TriStar Pictures, this week spoke about the potential deal at a conference held by TheWrap. Details about the deal were unavailable.

“We’re buying the Dolby Theater,” Sagansky declared to TheWrap’s Editor-in-Chief Sharon Waxman. “Because it’s owned by CalPERS, and CalPERS basically does nothing.

“It’s a huge, beautiful theater building, only 20 years old — and it’s not used at all.”

The veteran media man may have Hollywood competition for the theater managed by Canyon Partners, based in Century City. It appears Sagansky may have walked into the front door of CalPERS after Samaha had slipped out the back.

Samaha, a film producer and local businessman, led an investment consortium in talks with CalPERS in July over a potential Dolby Theatre deal, according to the Hollywood Reporter. Details of the negotiations were not disclosed.

Samaha co-owns historic TCL Chinese Theatre, as well as Japanese restaurant Yamashiro Hollywood, next to Hollywood’s Magic Castle.

In July, Samaha and movie producer Steven Markoff listed the 7.3-acre hilltop perch containing the landmark Yamashiro and its 110-year-old Japanese Revival palace replica at 1999 North Sycamore Avenue for $100 million.

— Dana Bartholomew