H
ollywood executive Jeff Sagansky and producer Elie Samaha are locked in a high-stakes battle over the purchase of the Dolby Theatre, home to the annual Academy Awards show. Both men have been in talks with the owner, California Public Employees' Retirement System (CalPERS), which listed the 3,400-seat theater for sale last year. Sources estimate its value at around $70 million, a fraction of its original construction cost of $94 million.

    The Dolby Theatre has hosted numerous high-profile events since its opening in 2001, including "American Idol," "America's Got Talent," and Cirque du Soleil performances. Sagansky, a veteran media executive with experience at Sony Pictures Entertainment and CBS Entertainment, claims to have secured the deal, citing CalPERS' lack of activity as a reason for his interest.

    However, it appears that Samaha may have been in talks with CalPERS before Sagansky, having led an investment consortium in discussions over a potential Dolby Theatre deal in July. The negotiations were reportedly confidential.