Courtesy of Chinese Theatre LLC
Adam B. Vary
January 11, 2013 AT 09:29 PM EST

Eighty-five years after the iconic Grauman’s Chinese Theatre opened on Hollywood Blvd. in Los Angeles, the favorite spot for both A-list Hollywood premieres and gawking tourists will now be named the TCL Chinese Theater, after a television manufacturer based in — you guessed it — China. 

According to the Los Angeles Times, the Chinese firm (whose name stands for “The Creative Life”) has signed a 10-year deal worth more than $5 million for the naming rights to the theater, which is owned by producers Donald Kushner (TRON: Legacy) and Elie Samaha (The Whole Nine Yards). Officially unveiled Friday morning, the deal includes plans to upgrade the theater’s facilities with state-of-the-art seating and equipment, as well as a promotional campaign for the theater and the surrounding area.

It also demonstrates Hollywood’s continued growing relationship with the China; last May, a Chinese conglomerate purchased the AMC movie theatre chain for a reported $2.6 billion.

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