The posh Hollywood home of the Oscars has officially taken on a new name — the Dolby Theatre — and unveiled modernized audio and projection systems courtesy of its new sponsor.

On Monday, Dolby president Kevin Yeaman helped christen the venue, also known as Hollywood & Highland Center, with new Dolby Theatre signage and demonstrated the venue's updated systems.

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Cirque du Soleil performers participate in the unveiling of new signage on the redubbed Dolby Theatre in Los Angeles on Monday. (Valerie Macon/Getty Images)

"It's an incredible day for us," Yeaman said. "We've been hard at work coming up with Dolby Atmos and Dolby 3D and looking for a way to tell that story and connect with audiences around the world. When this opportunity came up, we couldn't pass it up."

The sound and imaging technology firm announced in May that it had signed a 20-year naming deal with the building's owner, CIM Group.

Able to seat approximately 3,400 patrons, the Los Angeles theatre has hosted the Academy Awards since 2002. It is also home to the permanent Cirque du Soleil production Iris and other special events, including television and theatre productions, concerts, pageants, conference presentations, award shows and symphony performances.

It will host the forthcoming premiere of Brave on June 18. The Disney/Pixar animated tale is the first feature to use the new Dolby Atmos sound technology.

The building had been known as the Kodak Theatre since 2000. However, in February, the financially struggling Eastman Kodak Co. received court approval to end its sponsorship of the Hollywood venue.

The Dolby Theatre is slated to host the 85th Academy Awards on Feb. 24, 2013.

With files from The Associated Press