Kohl will be taking J. C. Penney's spot as sponsor of the Feb. 28 Oscars' Academy Awards and will air five commercials during the event.

Along with its airing during the Academy Awards, Kohl's also initiated a digital campaign with the hashtag #AllTheGoodStuff on Monday (Feb. 8). This campaign will last a month and celebrate sincere moments of gratitude.

J.C. Penney has held the coveted Oscars' sponsorship spot for the past 14 years, but it looks like the Oscars are ready for a change.

Advertising Age reported a spokeswoman for J. C. Penney confirming that they would be stepping back this year. "For 14 years, the Oscars served as the advertising platform to debut our spring collection of fashion and home furnishings found only at J. C. Penney," the spokeswoman said, adding that they felt it was time to shift their marketing efforts and look for fresh ways to captivate customers.

J. C. Penney aired seven commercials in the Oscars last year. They also introduced a second-screen game during the Academy Awards show.

Will Setliff, Kohl's executive vice president of marketing, called the Oscars sponsorship "a major brand moment," Ad Week reported. The move is hoped by the retailer attract new shoppers, especially 18- to 24-year-olds as well as Hispanics.

The Menomonee Falls, Wisconsin-based company has declined to comment on the particulars of its marketing plans.

According to Ad Age, the cost of a 30-second spot by ABC was around $2 million last year. 36.6 million viewers watched the highly prestigious event in 2015 - and this was an all-time low for the event. It was a notable fall from a 10-year high of 43.7 million viewers in 2014.

Kohl's executives have also declined to comment in regards to the controversy surrounding the 88th Oscars Aacdemy Awards. Trending on social media as #OscarsSoWhite, it condemns the lack of actors of color being nominated in any major category. Many high-profile celebrities like director Spike Lee, and actors Will Smith and his wife Jada Pinkett Smith are planning to boycott the show.