The Universal Amphitheatre in Hollywood has been renamed the Gibson Amphitheatre, The Los Angeles Times reported Monday.

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The arena -- on the grounds of Universal Studios Hollywood -- has been a main venue for live entertainment in Southern California for three decades, featuring performances by a diverse collection of entertainers that included Frank Sinatra and Ozzy Osbourne. Pope John Paul II even made an appearance there when he visited Los Angeles in 1987.

The Times said the 10-year naming-rights deal with Nashville-based Gibson Guitar calls for the venue to undergo remodeling that will include installation of a luxury skybox and upgraded lighting.

The Gibson Amphitheatre is the latest in several corporate naming agreements that include Staples Center in downtown Los Angeles, the Kodak Theatre in Hollywood and the Verizon Wireless Amphitheater in Irvine.

The Times said the deal was part of a larger initiative within NBC Universal -- which owns Universal Studios -- to identify opportunities to affiliate its properties with corporate partners. The campaign has already lead to similar affiliations with Volkswagen and MasterCard, the paper said.