The Oscars is moving to Downtown Los Angeles.

On Thursday (March 26), the Academy of Motion Picture Arts and Sciences announced a multi-year partnership with AEG that will see L.A. Live become the new home of the show starting with the 101st annual ceremony in 2029 and continuing through 2039. The ceremony will take place in the venue currently known as Peacock Theater.

As part of the deal, AEG will make enhancements to the theater, including upgrades to its stage, sound and lighting systems, as well as lobbies, backstage facilities and other “production-critical areas,” according to a press release. The promoter will also collaborate with the Academy “to incorporate bespoke design elements needed to accommodate the Oscars ceremony.”

When the Oscars lands at L.A. Live, the complex’s recently expanded plaza will host red-carpet arrivals and other activities. The theater will become the first to host the big show after it moves to YouTube, also in 2029. Until then, the Oscars will continue to be held at the Dolby Theatre at Ovation Hollywood and air live on ABC, its longtime broadcast home.

“We are thrilled to partner with a global powerhouse like AEG. Their track record for building and operating technologically sophisticated live performance venues is unrivaled,” said Academy CEO Bill Kramer and Academy president Lynette Howell Taylor in a statement. “For the 101st Oscars and beyond, the Academy looks forward to closely collaborating with AEG to make L.A. LIVE the perfect backdrop for our global celebration of cinema, both for our live in-theater audience and for film fans around the world.”

“L.A. LIVE was built to host the moments that define culture, and there is no greater global stage than the Oscars,” added Todd Goldstein, chief revenue officer at AEG. “We’re proud to partner with the Academy to reimagine what the Oscars can look and feel like in the years ahead. Together, we will create an environment that celebrates creativity, honors excellence, and delivers an unforgettable experience for movie fans everywhere.”