The theatre was designed by David Rockwell of the Rockwell Group, and Theatre Projects Consultants specifically with the Oscars in mind. It has a seating capacity for up to 3,401 people. The stage is one of the largest in the United States, roughly tied with the Elliot Hall of Music at Purdue University, measuring 113 feet (34 m) wide by 60 feet (18 m) deep. The theatre was sponsored by the Eastman Kodak company, which paid $75 million to have its name associated with the building. It is owned by CIM Group.
The theatre is particularly successful as a venue for a televised theatre performance (improving production values and economies in American Idol and the Academy Awards) through the planning and technical design. The architect and advisers undertook extensive consultation with many of the leading production personnel in Hollywood which led to highly functional production cable infrastructure systems including an underground cable bunker which passes below the theatre to truck locations in adjacent streets, accessible and substantial power, and a unique camera, sound and stage management cockpit designed by Rockwell in the orchestra seating area.