The venue that hosts Hollywood’s glitziest event, The Oscars, has been sold to Jebs Hollywood Entertainment, an investment group that includes Battlefield Earth producer Elie Samaha, former Sony Pictures Entertainment president Jeff Sagansky and a member of the UAE ruling family.
Also, very important in L.A., the acquisition includes two surface parking lots totaling 1.45 acres.
Jebs is led by longtime producer Samaha, who is the owner/operator of Yamashiro Restaurant and leads the owner/operator team at the Dolby-adjacent TLC Chinese Theater and Chinese Six; Sherwin Jarol, CEO of SMB Equities; Sagansky; Jonah Lazowski, Two Girls Holdings and Sheikh Abdulla Bin Mohamed Al Qasimi, a member of the ruling Al Qasimi family in the UAE, through his investment firm, Master Investment Group.
Samaha also owns the Vogue and Fox Theatres in L.A. and the Liberty Theatre in New York.
“The new ownership intends to continue its association with the Academy Awards while significantly increasing the number and variety of live performances, including many renowned Latin and other international acts at the fabled Dolby Theater,” said Avison Young Principal and Managing Director Chris Bonbright, who represented the buyer. “Through its long-term and highly successful operation of the Chinese Theater, JEBS Hollywood Entertainment is an ideal synergistic owner-operator of this world-famous entertainment venue.”
The Dolby is part of the Ovation complex at Hollywood and Highland, a high-traffic tourist area even when the Oscars are not in session. The theater seats 3,400 and went up for sale in October of last year. At the time, Bloomberg reported the venue could fetch as much as $70 million.
The Oscars are contracted with the venue through 2028, and it has served as the host of other prominent entertainment shows, including the Latin Grammys, the ESPYs and the finals of music competition American Idol.
Gaw Capital USA bought the attached Hollywood & Highland complex in 2019 for $325 million with DJM Capital Partners Inc., a San Jose private real estate equity and development firm that rehabilitates troubled properties. The seller was Los Angeles developer CIM Group. At the time, the new owners were reportedly changing some retail outlets over to office space at the complex.
The Dolby Theatre was not included in the transaction.
Bruce haring contributed to this report.
