Hollywood's Grauman's Chinese Theatre will now be called TCL Chinese Theatre in a $5 million deal with a Chinese manufacturer, the Los Angeles Times said.

Chinese television manufacturer TCL is obligated to fund improvements to the 1927 structure on Hollywood Boulevard as part of a deal that also includes a marketing campaign to promote Hollywood and the theater in exchange for the name change, the Times reported.

The deal is part of the company's attempt to gain a foothold in the American entertainment market, The Hollywood Reporter said Friday.

"This is one of the landmarks of North America," Hao Yi, vice president of TCL Group, said. "It can be a bridge to link the cultures of China and North America."

Grauman's Chinese Theatre has long been the favored spot for red carpet movie premieres in Tinseltown, and was declared a landmark in 1968. It was built with Chinese architectural details, including bells and pagodas, the Reporter said.

Producers Ellie Samaha and Don Kushner bought the theater from Warner Bros. and Viacom in 2011.