Oscars to move from Hollywood's Kodak Theatre?

The Academy of Motion Picture Arts & Sciences has announced that it could move the Oscars from its current venue at the Kodak Theatre in Hollywood.

The annual Academy Awards show, which honors excellence in the film industry, has been held at the theatre since 2002. However, the Academy is considering a change of venue following the 2013 show, exercising a clause in its contract with the company that owns the Kodak.

"Our plan right now is to exercise this [option] and then see what happens, what goes on. We're open," Academy president Tom Sherak told The Hollywood Reporter.

"Personally, I love the Kodak," he continued. "I'll say that until I'm blue in the face. I've been there since the very beginning. But in the next year the Kodak and others will come to us and the [Academy] board will make a decision at some point."

"This is purely a business decision," a member of the Academy's board of governors added. "The bottom line is we are going to look at other places and listen to all offers. We may ultimately decide to stay where we are if we can renegotiate a better lease. Don't forget, things have happened there."

Billy Crystal will host the Academy Awards ceremony on February 26, 2012 at the Kodak Theatre. He replaced Eddie Murphy after the actor quit the show in the wake of producer Brett Ratner's resignation.